Heavy buying: Back-to-back upper circuit in this small-cap multibagger stock; hits fresh 52-week high!

Shares of the company gained more than 200 per cent in the last six months.

Shares of Eimco Elecon (India) Limited were locked in the upper circuit on Tuesday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last two days. Hence, the stock is locked in the upper circuit. The stock also made a fresh 52-week high of Rs 1748.15. In the last six months, the stock has gained about 200 per cent.

The company posted strong Quarterly Results. The revenue of the company for Q2FY24 stood at Rs 51.12 crore which grew by 38.55 per cent YoY. The operating profit of the company stood at Rs 16.03 crore, while the PAT of the company stood at Rs 10.79 crore, from Rs 6.06 crore last year's same quarter.

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Eimco Elecon (India) Limited has also delivered multibagger returns to its shareholders in the last one year. During this period, the company’s share price jumped from Rs 421.00 on November 29, 2022, to Rs 1,752.55 on November 28, 2023, an increase of more than 300 per cent in a one-year holding period.

Eimco Elecon (India) Limited, incorporated in 1974, is in the business of manufacturing and marketing equipment for underground and opencast mines. The company is situated at Vallabh Vidyanagar, Gujarat. It was the first company to introduce the intermediate technology of Side Dump Loaders, Load Haul Dumpers and Rocker Shovel Loaders in India.

Investors should keep a close eye on this stock.

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