Power Mech shares surge nearly 10% after major block deal

Shares of Power Mech Projects soared by 9.68% to ₹5,379.95 per share on the BSE during Thursday’s intraday trading. The stock is approaching its 52-week high of ₹5,544, reached on February 7, 2024.

This significant rise followed the exchange of 277,916 shares worth ₹131.48 crore in a block deal on the NSE. The shares were traded at ₹4,731 each.

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As of March 2024, the promoters held 60.38% of the company’s shares, while 39.62% were held by the public.

Headquartered in Hyderabad, Power Mech Projects operates in the power and infrastructure sectors. The company reported a 13% increase in consolidated net profit to ₹84.41 crore for the March quarter, up from ₹74.57 crore in the same period last year. This rise in profit was due to higher income, with total income for the quarter reaching ₹1,311.86 crore, up from ₹1,183.20 crore in January-March FY23.

As of 12:13 pm, the shares were trading 7.71% higher at ₹5,282.00 on the NSE.