Shares of Edvenswa Enterprises were locked at a 5% cap at Rs 54.99 on the morning of April 13, a day after mega-investor Porinju Veliyath bought a 1.43% stake in the company through an open market transaction. The stock has soared 22% in the past week.

Porinju bought 130,000 shares in the information technology solutions provider at an average price of Rs 52.18 per share, according to exchange data. The ace investor is known for his picks in the small-cap 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 each. Bhutna also sold 140,000 shares at an average price of Rs 49.01 on April 11 and 381,000 shares at an average price of Rs 40.67 on April 5.

Edvenswa Enterprises focuses on enterprise innovation through rapid prototyping and then helps them scale by building software applications at scale.

The stock also hit highs two days ago when Edvenswa announced a new project with a Big Four consulting firm in strategic robotic process automation. Its wholly-owned subsidiary Edvenswa Tech Inc in the United States, has undertaken the project.

The promoters have significantly increased their stake from 6% at the end of March 2020 to 72% in December 2022. Public shareholders have slashed their stake from 94% at the end of March 2020 to around 28% by December 2022.