Edvenswa Enterprises locked in 5% upper circuit after marquee investor Porinju Veliyath picks up stake

Marquee investor Porinju Veliyath bought a 1.43 percent stake in Edvenswa Enterprises by way of open market transactions on April 12.

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Edvenswa Enterprises’ share was locked in a five percent upper circuit at Rs 54.99 on April 13 morning, a day after marquee investor Porinju Veliyath bought a 1.43 percent stake in the company through open market transactions. The stock has surged 22 percent in the past week.

Porinju purchased 1.3 lakh shares in the information technology solutions provider at an average price of Rs 52.18 a share, according to exchange data. The ace investor is known for his picks in the smallcap space and some of his other investments include  Orient Bell, Duroply Industries and Shalimar Paints.

However, Anjana Bhutna sold 2.55 lakh shares in the company at an average price of Rs 50.18 a share. Bhutna had also sold 1.4 lakh shares at an average price of Rs 49.01 on April 11, and 3.81 lakh shares at an average price of Rs 40.67 on April 5.

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Edvenswa Enterprises specialises in corporate innovation through rapid prototyping and then helps them to expand by building software applications of scale.

The stock had also hit the upper circuit two days back when Edvenswa announced a new project in strategic robotic process automation space with a big four consulting company. This project has been bagged by its wholly-owned subsidiary Edvenswa Tech Inc in the United States.

The promoters have dramatically increased their stake to 72 percent at end of December 2022 from 6 percent in March-end 2020. Public shareholders have substantially trimmed their holding to around 28 percent in December 2022 from 94 percent in March-end of 2020.