Multibagger stock is 354% above 52-week-low, Board declares 1:1 bonus shares


With a market valuation of 43.63 Cr, Evans Electric Ltd. is a small-cap company that engages in the commercial services industry. The most well-known firm in electro-mechanical servicing and repairs is Evans Electric Ltd. 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.

The Board of the firm has authorised the issuance of up to 13,72,000 fully paid-up equity shares worth Rs. 10 apiece as bonus equity shares, with a maximum total nominal value of Rs. 1,37,20,000/-, to the shareholders out of the reserves of the company.

Evans Electric has said in a stock exchange filing that “The bonus issue of equity shares will be made in the ratio of 1:1 [i.e. 1 (One) fully paid up equity share for every 1 (One) equity share held by the shareholders on such date (Record Date) as may be determined by the Board of Director(s).”

On Friday the shares of Evans Electric Ltd closed on the BSE at 318.00 apiece level, down by 2.97% from the previous close of 327.75. The stock reported a total volume of 8,500 shares. On the BSE, the company got listed on 13-05-2019 at a price of 52 from which the stock has climbed to the current market price logging in at an all-time high level of 509%. 

In the last 3 years, it has rallied 86% and in the last 1 year the stock price has risen from 118 as of 31st January 2022 to the current market price logging in a multibagger return of 169.49%. The stock has dropped 8.54% YTD so far in 2023, while over the past six months, it has climbed from 80 on August 1, 2022, to the current market price, representing a multibagger return of 297.50%. 

The stock has plummeted 7.53% during the past five trading sessions and 8.78% over the past month. The stock touched a 52-week-high of 411.65 on (16/12/2022) and a 52-week-low of 70.00 on (11/08/2022), indicating that at the current market price, the stock is trading 22.74% below the 1-year high and 354.28% above the 1 year low. For the quarter ended September 2022 or Q2FY23, the company posted a promoter shareholding of 59.44% and a public stake of 40.56%.

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Article Source:Money Control

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