Heavy buying and FIIs increase stake: Back-to-back upper circuit in this multibagger stock; gains over 250 per cent in a year!

Shares of the company have gained about 35 per cent in the last six months.

Shares of Eimco Elecon (India) Limited were locked in the upper circuit on Friday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. In the last six months, the stock has gained about 35 per cent.

Recently, Eimco Elecon (India) Limited has secured a significant domestic order worth Rs 33.11 Crores from The Singareni Collieries Company Limited. This contract involves the manufacturing and supply of coal mining equipment, signifying Eimco Elecon's contribution to the Indian mining sector. The order specifies staggered deliveries to be completed by February 28th, 2025. This win strengthens Eimco Elecon's position as a domestic supplier within the Indian market.

The company posted strong Quarterly Results. The revenue of the company for Q4FY24 stood at Rs 84.30 crore which increased by 31.24 per cent YoY. The operating profit of the company stood at Rs 21.42 crore, while the PAT of the company stood at Rs 14.84 crore, which increased by 51.94 per cent YoY.

Eimco Elecon (India) Limited, incorporated in 1974, is in the business of Manufacturing and Marketing Equipment for Underground and Opencast mines. The Co is situated at Vallabh Vidyanagar, Gujarat. It was the first Co. to introduce the intermediate technology of Side Dump Loaders, Load Haul Dumpers and Rocker Shovel Loaders in India. The stock has also delivered multibagger returns of about 250 per cent in the last one year. FIIs have also increased their stake in the company in March 2024.

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

Disclaimer: The article is for informational purposes only and not investment advice.