Eon Electric spikes 58% in five sessions

Shares of Eon Electric, an electric equipment manufacturer, have been climbing higher since last Thursday. It shot up 58% in five consecutive sessions, especially after the company started production of lithium ion batteries at its state-of-the-art plant at SIDCUL, Haridwar.

Last week the company said, "Eon Electric would invest Rs 50 crore in the first phase of setting up the plant spread over 10,000 square meters. The plant would manufacture state-of-the-art Lithium Ion Batteries for use in mobile handsets, laptops, cameras, tablets, etc, and would have the first mover advantage in this segment in India." At 11:52 hours IST, the share was trading at Rs 32.05, up 4.57%. Even its trading volumes spiked 217% to 45,592 equity shares as compared to its 5-day average of 14,373 shares.
 
Market capitalisation of the company currently stands at Rs 51.46 crore.