Vijay Kedia stock: This industrial equipment company's share price hits fresh lifetime high, up 26% in 2 days – Key details
The counter in the last two days gained almost 26 per cent and has surged over 173 per cent in the last year.
Ace investor Vijay Kedia-backed small-cap company stock – Elecon Engineering Company Limited – (EECL) has jumped nearly 19 per cent to hit a fresh lifetime high of Rs 392 per share on the BSE intraday during Monday's trading session on the back of a positive business outlook.
The counter in the last two days gained almost 26 per cent and has surged over 173 per cent in the last year.
The stock today surpassed its previous high of Rs 343 per share, touched on December 20, 2007.
At around 01:40 PM shares of EECL were trading over 17 per cent higher to Rs 386.75 per share on the BSE as against a 0.74 per cent fall in the BSE Sensex at the same time.
Since April 9, the market price of EECL has more-than-doubled or is up 117 per cent from a level of Rs 169.50 on the BSE as compared to 2.1 per cent rise in the BSE Sensex during the same period.
In June 2022 quarter, Vijay Kedia had picked up an additional 0.66 per cent stakes in EECL, taking the total holding to around 1.9 per cent or 20,75,000 equity shares in the company as per the latest shareholding pattern available on the BSE.
The renowned investor holds 16 stocks with a net worth of over Rs 669.2 crore as of July 25, 2022, according to the stock analysis website trendlyne.com.
In the June-end quarter of fiscal 2022-23 (Q1FY23), EECL reported healthy earnings, with consolidated net profit jumping 54.9 per cent year on year (YoY) at Rs 42.30 crore. Total operating income grew 11.4 per cent YoY at Rs 327.7 crore from Rs 294.2 crore in Q1FY22.
While the company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) margin remained unchanged at 19.8 per cent for Q1FY23 as against 20.0 per cent in Q1FY22.
EECL is one of the largest Industrial Gear manufacturers in Asia having a wide range of products. The company has expertise in the manufacturing of custom-made gearboxes for steel/cement/rubber/sugar mills, high-speed turbines, defence applications, plastic extrusions, etc.
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02:10 PM IST