Electronics Mart spurts 4% after 2.5% equity changes hands

A total of 96.2 lakh shares, representing 2.5 percent equity, changed hands in the block deal window.

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Shares of Electronics Mart India Ltd climbed over 4 percent in opening trade on September 21 after 96.2 lakh shares of the firm changed hands in a block deal worth Rs 137.6 crore.

At 9.55 am, shares of the company were trading 4.62 percent up at Rs 150.50 on the BSE.

A total of 96.2 lakh shares, representing 2.5 percent equity, changed hands in the block deal window.

The buyers and sellers could not be immediately ascertained.

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Electronics Mart India Ltd is a retailer of electronics home appliances and consumer durables. It is headquartered in Hyderabad, Telangana, and operates stores under its several brands across Telangana, Andhra Pradesh and Delhi NCR.

Electronics Mart’s revenue jumped 19.95 percent year-on-year to Rs 1,691.56 crore in Q1 FY24. Its net profit climbed 48.2 percent to Rs 60.26 crore, with a net profit margin of 3.57 percent.

The company listed on the bourses on October 17, 2022, climbing over 43 percent against the issue price of Rs 59. The Initial Public Offering (IPO) of Electronics Mart India received 71.93 times subscription. The IPO had a fresh issue of equity shares aggregating to Rs 500 crore with no offer-for-sale component.

Shares of the company are up 70 percent this year to date. The stock price is around 11 percent down from its 52-week high of Rs 166.50.

As of the quarter ended June 2023, the promoters held 77.97 percent stake in the firm.

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