2,200 per cent returns and FIIs increase stake: Vijay Kedia’s multibagger stock reports strong quarterly results; bags order worth Rs 82.78 crore!

Shares of the company gained more than 40 per cent in the last six months.

Elecon Engineering has also posted strong Quarterly Results in Q3FY24. The revenue of the company stood at Rs 473.56 crore which grew by 21.79 per cent YoY. The operating profit of the company stood at Rs 130.37 crore which grew by 41.64 per cent on a YoY basis, while the PAT of the company stood at Rs 89.15 crore, which increased by 43.05 per cent on a YoY basis.

The company recently secured a significant order worth Rs 82.78 crore contract from steel giant ArcelorMittal Nippon Steel India for their Hazira plant in Gujarat. This domestic deal involves manufacturing and supplying Belt Conveyor Mechanical Equipment and Technological Structure.

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Elecon Engineering Company Limited, incorporated in 1960, is involved in the design and manufacturing of Material Handling Equipment and Incraft carriers through the acquisition of Benzlers- Radicon Group belonging to the David Brown Gear Systems. The shares of the company have gained about 2,200 per cent in the last three years and FIIs have increased their stake in the company. Ace investor Vijay Kedia holds a 1.47 per cent stake in the company.

Today, the shares of Elecon Engineering Company India Ltd opened at Rs 1,079.60, with a high and low of Rs 1,119.55 and Rs 1,028.00, respectively. The stock closed trading at Rs 1,036.00, which increased by 2.16 per cent. The stock has a 52-week high of Rs 1,119.55 and a 52-week low of Rs 349.90. The company has an ROCE of 24.9 per cent and an ROE of 20.5 per cent, with a market capitalization of Rs 11,660 crore. 

The stock has shown tremendous growth and investors should keep a close eye on this stock.