News

Published: Feb 1, 2023
Updated: Feb 1, 2023

Evans Electric Ltd. Declares 1:1 Bonus Shares, Stock Rallies 354% above 52-Week Low

Small-cap commercial services company, Evans Electric Ltd., has announced a bonus share issuance for its shareholders. The Board of Directors has authorised the issuance of up to 13,72,000 fully paid-up equity shares, worth Rs. 10 each, as bonus shares. The issuance will be made in a 1:1 ratio, with a maximum total nominal value of Rs. 1,37,20,000/-.

Performance Overview

The company, known for its electro-mechanical servicing and repairs, has seen significant growth in the past few years. Since its listing on the BSE in May 2019 at a price of ₹52, the stock has climbed to an all-time high of 509%, representing a strong multibagger return.

In the last 3 years, the stock has rallied 86%, and in the last 1 year, it has risen from ₹118 to its current market price, logging in a multibagger return of 169.49%. Despite a slight dip of 8.54% YTD in 2023, the stock has climbed 297.50% over the past six months, rising from ₹80 on August 1, 2022.

Recent Market Movement

The stock has seen a drop of 7.53% during the past five trading sessions and 8.78% over the past month. Despite this, it has reached a 52-week high of ₹411.65 on December 16, 2022, and a 52-week low of ₹70.00 on August 11, 2022. At the current market price, the stock is trading 22.74% below the 1-year high and 354.28% above the 1 year low.

Promoter Shareholding

For the quarter ended September 2022 or Q2FY23, the company posted a promoter shareholding of 59.44% and a public stake of 40.56%. The Board Meeting of Evans Electric Ltd. is scheduled to take place on Tuesday, January 31, 2023 for considering and approving the fixation of the record date for the purpose of determining the shareholders' bonus issue eligibility.