Multi-bagger in just 1 month; Board is likely to announce bonus share soon!

The company reported a positive set of results in the financial statements, with net profit increasing 7-fold in H1FY23.

On Thursday, shares of Evans Electric Ltd surged 5 per cent to reach the upper price band of Rs 373.40 per share. The stock gave multi-bagger returns of 214.18 per cent in just 1 month. In addition, the stock gave a multi-bagger return of 360 per cent in just 6 months. 

The Company, in its latest press release, has revealed that the company's Board of Directors meeting will be held on Wednesday, December 16, 2022, to consider the following proposals: a.) Obtaining approval from members via postal ballot for the proposed bonus issue. b.) Approve the setting of the record date for the bonus issue, subject to shareholder approval. 

Evans Electric manufactures and distributes industrial machinery. The company provides static electrical equipment, shafts, bearing housings, stator bodies and slip ring motor rewinds. Evans Electric serves customers in India. 

The company reported a positive set of results in the financial statements, with net profit increasing 7-fold in H1FY23. Over the course of a year, the company has delivered good profit growth CAGR of 372 per cent. The company has a ROCE of 11.5 per cent and an ROE of 7.35 per cent. Investors should keep their eye on it.