After rallying over 110% in 1 year, multibagger penny stock 5% lower circuit as Board approves stock split
Edvenswa Enterprises is a small cap electrical equipment company that recorded a market cap of ₹77.74 Cr during Wednesday’s closing session. The stock opened today at ₹46.50 apiece and went on to hit a lower circuit of ₹42.81 during the closing session representing a downside gap of 5% from the previous close of ₹45.06.
The Board of Directors have “Approved the sub-division /split of Equity Share of Face Value of Rs10 (Rupees Ten only) each of the company into 10 equity shares of ₹1, subject to the approval of members of the Company, such other statutory /regulatory approvals as may be required. The record date for the sub-division of the equity shares shall be decided by the Board and will be intimated to the exchanges,” said Edvenswa Enterprises in a stock exchange filing.
Commenting on the reason behind stock split the company informed stock exchanges that in order to improve the liquidity of the company’s share on stock market and to facilitate small investors to deal with our shares.
During Q4FY23, the company recorded consolidated revenue from operations of ₹16.96 Cr up by 72.53% YoY from ₹9.83 Cr in Q4FY22. Thr company recorded a net profit of ₹1.68 Cr during the quarter ended March 2023 down by 25% YoY from ₹2,23 Cr recorded in the year-ago quarter.
The shares of Edvenswa Enterprises closed today on the BSE at ₹42.81 apiece down by 4.99% from the previous close of ₹45.06. The stock touched a 52-week-high of ₹75.82 on (17/08/2022) and a 52-week-low of ₹19.59 on (20/06/2022). In the last 1 year the scrip has rallied from ₹19.58 to the current market price logging a multibagger return of 118.64% however on a YTD basis it has fallen 12.76% so far in 2023.
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Updated: 31 May 2023, 05:43 PM IST
