Shares of Power Mech Projects Ltd. surged by 6% to touch a day’s high of Rs 5,759 on 14th August, after the company informed the exchanges that it would consider a bonus issue of shares at its board meeting on 22nd August.

This will be the first time the company issues bonus shares, as it has never previously split its stock but has paid dividends. The record date for the bonus issue is yet to be determined.

For the June quarter, the company reported a 21% increase in net profit and a 16.4% rise in revenue. EBITDA grew by 14.4% to Rs 113.6 crore, while margins remained flat at 11.3%, compared to 11.5% last year.

For the April-June period of the previous financial year, the company reported a net profit of Rs 50.96 crore and saw its revenue increase to Rs 1,007.4 crore, up from Rs 865.1 crore in the same quarter the previous year.

Since its 2015 IPO at Rs 640 per share, the stock has risen over nine times and gained more than 600% in the last five years. The stock has risen by 28% so far in 2024.

At 1:57 PM, the shares of Power Mech Projects were trading 5.78% higher at Rs 5,725 on NSE.

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