Evans Electric stock price up by 10% today

18 Nov 2022 , 01:10 PM

On Friday, Evans Electric shares were trading at a new 52-week high on the BSE while being stuck at the 10% upper circuit at Rs 189.75. The S&P BSE Sensex, in contrast, was down 0.52 percent at 61,428 at 12:15 PM.

As of now, 110,000 shares, or 8% of the company’s entire equity, have traded hands on the BSE, more than tripling the usual trading volume of the counter. According to exchange statistics, there were pending buy orders for 32,500 shares on the BSE. In the previous two weeks, there were on average less than 10,000 shares traded.

The stock has soared 121 % in the last eight trading days from a high of Rs 86, reached on November 7, 2022. On July 1, 2020, it reached a high of Rs 300. On the BSE, Evans Electric trades in the “M” group of the SME section. In the SME category, trading, clearing, and settlement all take place on a T+2 basis. Trades executed in BSE SME scrips must be settled in Demat a manner per law.

As of September 30, 2022, Evans Electric had only 1.37 million outstanding equity shares. According to data on shareholding patterns, the company’s promoters own 59.44 % of the shares, while individual shareholders (23.32 %) and Nelson Lionel Fernandes (14.69 %) are responsible for the remaining 40.56 %.

Evans Electric reported a net profit of Rs 2.73 crore for the first half of the fiscal 2022—23 (H1FY23), compared to Rs 37.67 lakh for the same period the previous year. In comparison to its net profit of Rs. 82 lakh for the entire previous fiscal year FY22, the company’s H1FY23 net profit more than doubled.

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