Power Mech Projects Ltd.'s shares rose over 4% on Thursday, recovering from a three-day fall, after the company incorporated a wholly owned subsidiary.
The new unit, PMTS Pvt, has been created with an aim to design and develop technologies required in companies dealing with constructions and other segment like enterprise resource planning, and monitoring, an exchange filing said.
Shares of Power Mech Projects Ltd. rose as much as 4.53%, the highest level since March 13, before paring some gains to trade 4.38% higher at 11:05 a.m. This compares with a 0.42% advance on NSE Nifty 50.
The stock has risen 94.03% in 12 months. The total traded volume so far in the day stood at 0.31 times its 30-day average. The relative strength index was at 40.97.
Two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average of 12-month analysts' price target implies an upside of 14.3%.
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