Shares of diversified fast-moving consumer goods (FMCG) enterprise Elitecon International witnessed a trend reversal on Monday and gained after five days of consecutive falls as market benchmark indices Sensex and Nifty rebounded following a sharp decline in crude oil prices amid easing tensions in West Asia. The 30-share BSE Sensex jumped 566 points to 76,608.66, and the 50-share NSE Nifty surged 153.60 points to 23,923.30. The action in the stock also comes as the company has announced the appointment of executive additional directors to lead operational revival. According to the information shared, the decisions were approved at the board meeting held on July 22.
Share price today
The stock opened in the green at Rs 15.60 against the previous close of Rs 15.55 on the BSE. Amid firm buying in the broader market, the stock gained and touched the intraday high of Rs 16.17, representing a gain of 3.98 per cent. Last seen, the stock was trading at Rs 16.07, with a gain of Rs 0.52 or 3.34 per cent. The market cap of the company stood at Rs 2,568.79 crore. The stock has a 52-week high of Rs 422.65 and a 52-week low of Rs 15.45.
The stock has outperformed the sector by 1.77 per cent and is technically trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Meanwhile, the BSE has placed the stock under the Short Term Additional Surveillance Measure Stage 1 (ST ASM-1) framework.
The stock’s 14-day relative strength index (RSI) is 12.85. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Rs 700 crore expansion plan
Earlier, the company shared a Rs 700 crore expansion plan. According to the FMCG company, it plans to build a distribution network targeting 5,000 partners and presence across over 5,00,000 retail outlets and over 15 international markets over time. The company also aims to develop a portfolio featuring 10 consumer brands and over 150 stock-keeping units (SKUs).
According to the company, the production will be spearheaded by its existing manufacturing facility in Nashik. The firm also said that the facility is undergoing capacity additions and automation upgrades.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
