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Elitecon’s blistering pace hasn’t gone unnoticed. In the last 15 days alone, the stock has doubled, hitting the upper circuit on 30 out of 45 trading sessions
Market watchers point to strong promoter holding and substantial foreign institutional investment (FII) as key confidence boosters.
In a stock market obsessed with multi-bagger stories, Elitecon International has emerged as a jaw-dropping outlier, catapulting from penny stock status to market sensation. The company’s shares have delivered a staggering return of nearly 24,000% in just one year, transforming even modest investments into crores.
To put it into perspective, an investor who had put just Rs 1 lakh into Elitecon International a year ago would now be sitting on a fortune of Rs 2.4 crore. The stock’s 52-week low was a mere Rs 1.10, while it is now trading at Rs 247.30, its all-time high as of Thursday morning, marking a 5% surge on the day.
Elitecon’s blistering pace hasn’t gone unnoticed. In the last 15 days alone, the stock has doubled, hitting the upper circuit on 30 out of 45 trading sessions. It has returned 178 percent in just one month, and over 1,200% in the past six months, making it one of the most aggressive movers in recent times.
This meteoric rise has pushed the company’s market capitalisation to Rs 39,530 crore, making it a large-cap firm. For a company of this size to post such gains in such a short span is not just rare, it’s stunning both investors and analysts.
What’s Fuelling the Frenzy?
Market watchers point to strong promoter holding and substantial foreign institutional investment (FII) as key confidence boosters. Promoters hold 59.5 percent, while FIIs own 38.26 percent of the company. This tight and strategic shareholding pattern appears to have convinced retail investors to ride the rally.
What Does Elitecon International Do?
Founded in 1987, Elitecon International is an FMCG company that primarily manufactures tobacco products, though its operations span across sectors. The firm has a significant footprint in India, UAE, Singapore, Hong Kong, UK, and other European markets.
Recently, it grabbed headlines with its acquisition of Prime Place Spices Trading, a leading Dubai-based FMCG firm. The acquisition has expanded Elitecon’s global network, giving it stronger access to Middle Eastern and European consumer markets.
While the numbers are impressive, market experts are urging caution. Such vertical rises often invite scrutiny regarding sustainability and fundamentals.
Disclaimer: The stocks mentioned here are based on brokerage advice. Please consult a certified financial advisor before making any investment decisions. News18 is not responsible for any profits or losses incurred.
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