Shares of fast-moving consumer goods (FMCG) company Elitecon International Ltd hit a 5 per cent upper circuit for the second consecutive day on Monday. The stock started the trading session in the green at Rs 152.60 against the previous close of Rs 149.60 on the BSE. This represents a gain of 2.01 per cent. Amid firm buying, the stock jumped 5 per cent to Rs 157.05 apiece. At the time of writing the report, around 4 lakh equity shares of the company changed hands on stock exchanges. The scrip has been gaining for the last two days and has risen 10.21 per cent in this period. Technically, the stock trades higher than the 200-day moving averages but lower than the 5-day, 20-day, 50-day and 100-day moving averages.
Meanwhile, the BSE has placed the stock under the Short Term Additional Surveillance Measure Stage 4 (ST ASM-4) framework.
The stock's 14-day relative strength index (RSI) is 31.75. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Share Price History
The stock has delivered a positive return of 15605 per cent in five years and 4286.87 per cent in one year. According to BSE Analytics, the stock has yielded a return of 1414.46 per cent on a year-to-date basis, as against the positive return of 4.78 per cent by the benchmark index. The 52-week high of the stock is Rs 422.65, and the 52-week low is Rs 3.58.
Acquires Stake In Landsmill Agro
Elitecon International acquired a 55 per cent equity stake in Landsmill Agro Pvt Ltd for a cash consideration of Rs 52.85 crore. The company has acquired 51.48 lakh equity shares of Landsmill Agro for Rs 102.67 per fully paid-up equity share of face value of Rs 10 each.
To Raise Rs 300 Crore via QIP
Meanwhile, the company is planning to raise Rs 300 crore by issuing equity shares through Qualified Institutional Placement (QIP). The funds raised will be invested in acquiring Sunbridge Agro Pvt.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
