Shares of Elitecon International Ltd., a mid-cap company engaged in the manufacturing of cigarettes and tobacco products, witnessed a sharp rise in Thursday’s morning trade. The company currently has a market capitalisation of Rs 12,508.26 crore. The multibagger stock was trading at Rs 78.76, up 4.03 per cent or Rs 3.05, on the BSE. As per BSE data, 2,90,943 equity shares changed hands during the session. The stock opened at Rs 78.70 and touched an intraday high of Rs 79.31.
297 per cent return in 1 year
The stock has delivered a return of 297 per cent over the past year, nearly quadrupling investors’ wealth. This means that an investment of Rs 1 lakh made a year ago would now be valued at approximately Rs 4 lakh.
According to BSE Analytics, the stock has gained more than 4 per cent in the past week. It has risen more than 5 per cent in the past month, while it has corrected more than 32 per cent in the past three months. It has fallen 77 per cent in the past six months.
On a yearly basis, it has surged 297 per cent in one year and more than 7,400 per cent in the last three years.
Deloitte Appointed for Merger Advisory
In a recent filing, the company announced a significant step aimed at supporting future expansion and enhancing shareholder value.
Elitecon International has appointed Deloitte Touche Tohmatsu India LLP as its advisor for tax, regulatory and transaction management services related to a proposed merger.
According to the filing, the company’s board is currently considering a merger plan with Sunbridge Agro Private Limited, Landsmill Agro Private Limited and Golden Cryo Private Limited
The company stated that all necessary statutory and NCLT approvals will be obtained as part of the process.
Broader Market Update
Earlier in the day, benchmark indices Sensex and Nifty opened on a positive note but soon slipped into negative territory amid selling pressure in services and consumer durables stocks.
The 30-share BSE Sensex rose 245.11 points, or 0.29 per cent, to 83,979.36 in early trade. Meanwhile, the NSE Nifty gained 65.95 points, or 0.25 per cent, to 25,885.30.
