Smallcap stock, Power Mech Projects is going to be in focus on September 20, 2024, for two reasons. Firstly, the stock will turn ex-dividend on Friday for its 20% dividend payout. Secondly, the company bagged a massive deal worth Rs 865 crore from metal giant Vedanta. These two big developments also come ahead of Power Mech's upcoming first-ever bonus issue in the ratio of 1:1.
Power Mech Projects Share Price:
Ahead of the dividend ex-date, Power Mech Projects shares ended at Rs 6437.35 apiece, down by 0.5% on BSE with a market cap of Rs 10,176.26 crore. The stock's 52-week high and low is at Rs 7,450 apiece and Rs 3,342.75 apiece respectively.
YTD, the stock is up nearly 44%.
Power Mech Projects Vedanta Order:
As per the regulatory filing, Power Mech received an order worth Rs. 865.00 Crore from Talwandi Sabo Power Limited, a subsidiary of Vedanta Limited.
The order includes operations and maintenance of a 3X660 MW supercritical thermal power plant. The timeframe for completing the order is 5 years with effect from November 1, 2024.
Power Mech Projects Dividend:
The company will pay a final dividend of Rs 2 per share or 20% for the financial year 2023-24. The record date and ex-dividend date are set on September 20, 2024, to determine eligible shareholders for the dividend payout.
Power Mech Projects Bonus Issue:
The company has revised its bonus issue record date to Tuesday, October 8, 2024, for determining the Members entitled to the allotment of bonus equity shares in the ratio of 1:1.
The bonus issue ratio of 1:1 means that Power Mech will allot 1 (One) new fully paid-up equity share of Rs. 10/- each will be issued for every 1 (One) fully paid-up equity share of Rs. 10/- each held by the Members.
This is the first-ever bonus issue of Power Mech.
About Power Mech Projects:
Power Mech Projects Limited is one of the leading infrastructure-construction Companies based in Hyderabad, India with a global presence and is highly credited with providing a spectrum of services in the power and infrastructure sectors. It was established in the year 1999, and stands remarkably taller amongst contemporary players in the field with 15,000 direct and 25,000 indirect workforce and a huge fleet of cranes and machines, it is capable of handling and executing over 4,00,000 MT annually while operating up to 55 sites simultaneously.
The company over the two decades of existence has undertaken projects of all types, sizes and under extreme environments in India and abroad which include Ultra Mega Power Projects, Super Critical Thermal Power Projects, Sub Critical Power Projects, Heat Recovery Steam Generators, Waste Heat Recovery Steam Generators, Circulating Fluidized Bed Combustion Steam Generators, Gas Turbine Generators, Hydro Electric Projects, Operation & Maintenance of running plants and entire civil works for power plants.
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