Intraday Spotlight: This engineering smallcap stock has jumped over 15 per cent today

The company is a leading gainer in the A group.

Elecon Engineering Co. Ltd, engaged in the industrial equipment manufacturing business, has jumped by over 15 per cent today from its previous close of Rs 229.75. The stock opened at Rs 236 and has made its day high of Rs 270 which is also its fresh 52-week high. As of 2:00 pm today, the stock was trading near Rs 265 on the BSE. This S&P 500 engineering company is leading group A on the BSE.     

While the benchmark index Sensex is trading flat today, this equipment manufacturing company has been flying as the company files the annual report yesterday after market hours. The management is optimistic about creating significant value for shareholders in future. For the quarter ended March, the company reported a decline of 5.8 per cent in revenues but an exceptional jump of 44.6 per cent in net profit on a YoY basis.      

Elecon Engineering Company Ltd is engaged in delivering power transmission solutions and material handling equipment. They have emerged as the largest gear manufacturing company in Asia. The company caters to the needs of various sectors like steel, fertilisers, cement, coal, lignite and iron ore mines, sugar, power stations and port mechanization in India and abroad. 

The stock has a 52-week high and low of Rs 270 and Rs 115, respectively.