Elecon Share Price 📈💰
If you’re looking for a multi-bagger stock to invest in, you might want to keep an eye on Elecon Engineering Company’s shares. The stock has given tremendous returns to its investors in a short period of time. However, on Thursday, 25th January, the share closed at ₹1,036 with a decline of 2.16%. The stock touched its 52-week high of ₹1,119.55 in intraday trading yesterday. The 52-week low for the stock stands at ₹349.90. The market capitalization of the company is ₹11,623.92 crores.
Strong Quarterly Results for Elecon Engineering 📊
Elecon Engineering has also released strong quarterly results for Q3FY24. The company’s revenue has increased by 21.79% on an annual basis, reaching ₹473.56 crores. The operating profit has increased by 41.64% on an annual basis, amounting to ₹130.37 crores. The post-tax profit for the company was ₹89.15 crores, which is 43.05% higher on an annual basis.
New Order for Elecon Engineering 📜
Elecon Engineering has recently secured a significant order from steel company ArselorMittal Nippon Steel India. The ₹82.78 crores order is for the production and supply of belt conveyors, mechanical equipment, and technical structures for the Hazira plant in Gujarat. FIIs have also increased their stake in the company, and renowned investor Vijay Kedia has made an investment as well. Kedia holds a 1.47% stake in the company.
Performance of Elecon Shares 📊💹
In the past month, Elecon Engineering’s shares have increased by 10%. Over the last six months, the stock has provided a return of 37%. In the past year, the company’s shares have witnessed a remarkable surge of 173.64%. Not just that, investors have received a bumper return of 2520% in the last four years.
In January 2020, the price of one share of the company was ₹39.65, which has now increased to ₹1,036. This means that during this period, investors’ money has grown by 26 times. If you had invested ₹1 lakh in the shares four years ago, your money would have turned into ₹26 lakhs today.
🚀💰 Elecon Engineering Company’s shares have shown tremendous growth and have been a favorable investment for investors. With strong quarterly results, a new order, and a consistent track record of high returns, Elecon Engineering is definitely a stock to watch out for!
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
