Multibagger stock rises 17%, hits record high on nod to its first ever bonus issue

Shares of multibagger Power Mech Projects rose to a fresh record high on Friday after board of the firm announced a bonus issue in the ratio of 1:1. This implies that one free share will be issued for every one equity share of Rs 10 each fully paid up subject to the approval of shareholders at the upcoming 25th Annual General Meeting. The meeting is scheduled to be held on September 27, 2024.This is the first time the firm will issue bonus shares. Record date for the bonus issue has been fixed on September 28, 2024.

Power Mech Projects stock gained 17% to a fresh high Rs 7,450 against the previous close of Rs 6384.90 on BSE. The stock has delivered multibagger returns of 437.16% in a year and gained 730% in three years.

Power Mech Projects shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

A total of 0.26 lakh shares of the lender changed hands, amounting to a turnover of Rs 18.33 crore on the BSE. Market cap of the firm rose to Rs 11,029 crore on the BSE.

Power Mech Projects is an engineering and construction company. The company is engaged in providing integrated service in erection, testing and commissioning (ETC) of boilers, turbines and generators and balance of plant (BOP), civil works and operation and maintenance (O&M). The company operates through the construction and maintenance activities segment.