The shares of Eimco Elecon (India) jumped 20 percent to hit the upper circuit on October 8 after ace investor Vijay Kedia bought stake worth nearly Rs 11 crore in the company.
According to the latest data on NSE, Vijay Kedia's firm Kedia Securities bought 57,441 shares in the company at an average price of Rs 1,906.71 apiece in a bulk deal on October 7. The stock's market capitalization currently stands at Rs 1,327 crore.
Eimco Elecon share price history:
The stock has jumped more than 32 percent in the past five days, and over 58 percent in the past six months. The stock has rallied more than 619 percent in the past five years.
After hitting a 52-week high of Rs 3,395.05 per share in October last year, the stock dropped nearly 62 percent to hit a 52-week low of Rs 1,301 per share in April this year. It has now recovered 77 percent to today’s closing level of Rs 2,301 apiece.
Eimco Elecon share: Technical view:
Eimco Elecon shares have a P/E ratio of 23. According to latest data on shareholding pattern, promoters and promoter group held 74 percent stake in the company as at the end of June, while the rest was held by general public. That is why, the stock’s free float market capitalization (shares available for trade, excluding the ones held by promoters and others), stood at Rs 341.18 crore, which is only 25 percent of its total m-cap.
About Eimco Elecon:
Eimco Elecon manufactures and supplies various mining and construction equipment. The Gujarat-headquartered company was incorporated in 1974 and went public in 1992. According to its website, it was the first to introduce the intermediate technology of Side Dump Loaders (SDLs), Load Haul Dumpers (LHDs) and Rocker Shovel Loaders in India to partially mechanize the underground Coal and metalliferrous mines.
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