Electronics Mart zooms over 7% after shares worth ₹712 cr change hands in huge block deal; check details

Data available on the exchanges showed that nearly 3.1 crore shares, or 8% of the company’s total equity, changed hands via open market transactions on Friday. No information was immediately available on the buyers and sellers in the deal.

The transactions were executed at an average price of ₹232 per share, taking the total deal size to around ₹712.6 crore.

Also, the average transaction price was just around 0.8% higher than the stock’s previous close of ₹230.17 on the NSE.

The share price, therefore, could not hold to the gains after the initial uptick. It surged 7.5% in the morning trade on Friday to hit an intraday high of ₹247.5 apiece but soon trimmed most of its gains to trade 3.33% higher at ₹237.83 on the NSE at 11:15 am.

The Electronics Mart stock has been a multibagger, with its share price almost doubling in the past one year. The stock had made its debut in October 2022 and has quadrupled compared with its initial public offering (IPO) price of ₹59 in less than two years.

The company was in the news last week after it declared its earnings for the quarter ended June 2024 (Q1FY25) on August 9. The company’s revenue jumped almost 17% to ₹1,975 crore in the June quarter compared with a year ago, while profit increased 20.3% to ₹72.5 crore.

Electronics Mart is a South Indian retail company that sells electronics, home appliances, and consumer durables. It is headquartered in Hyderabad and currently operates 121 stores under its several brands across Telangana, Andhra Pradesh, and Delhi-NCR.