Shares of cigarette and tobacco products manufacturer Elitecon International Ltd are trading in the green, even as the benchmark indices Sensex and Nifty trade in the red on Wednesday, July 2, 2025. The stock opened gap up with a gain of 4.99 per cent at Rs 69.67, also its new 52-week high. The counter had closed at Rs 66.36 in the last trading session. The stock has been gaining for the last eight days and has risen 41.06 per cent in this period. Today's rally comes amid a spurt in volume by 1.93 per cent. At the time of writing the report, around 13.65 crore shares changed hands, higher than the two-week average volume of 7.05 lakh. The 52-week low of the scrip is Rs 1.10.
The stock's 14-day relative strength index (RSI) is 79.6. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Technically, the stock trades higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The latest action in stock comes after the company announced the board meeting date for fundraising.
Board To Consider Raising Funds
The Board of Directors of the company has deferred the consideration and approval of raising funds to the next Board meeting, scheduled for July 04, 2025.
During the meeting, the company will evaluate the proposal for raising funds of up to Rs 75 crores by way of preferential allotment, issue of convertible warrants, foreign currency convertible bonds (FCCBs), qualified institutional placement (QIP), or any other permissible mode.
Share Price History
The counter has given a multibagger return of 571 per cent so far this year and over 106 per cent in three months. In six months, the return offered by the stock is 558 per cent as compared to 4.32 per cent surge in the benchmark index.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
