2 hrs ago
Elecon Engineering Shares Rally 10% Amid Heavy Trading Volume
Elecon Engineering makes equipment and its shares rose sharply on Wednesday.
The shares climbed as much as 10% during the trading day.
Many shares were traded, which happened alongside the price rise.
The stock opened at ₹420.55 and reached ₹476.90.
The company’s latest reported quarter had lower revenue than the same quarter a year earlier.
Its profit after tax stayed at ₹73 crore.
The company said its material-handling business became more profitable.
Even after the recent rise, the stock was still lower than it was at the start of the year and a year earlier.
Elecon Engineering shares rose as much as 10% on the National Stock Exchange on Wednesday, 23 September.
The stock opened at ₹420.55 and reached an intraday high of ₹476.90, after hitting a 52-week high of ₹628.15 the previous day.
Approximately 243.50 lakh shares changed hands during Wednesday’s session, according to National Stock Exchange data.
For Q1FY25, revenue fell 5.3% year over year to ₹392 crore, while profit after tax remained at ₹73 crore.
The stock gained 12.46% in a week but remained down 4.70% year to date and 24.33% over one year.
- Who
- Elecon Engineering and investors trading its shares.
- What
- Elecon Engineering shares rallied as much as 10%, making the stock one of the Nifty 500’s top gainers.
- Where
- On the National Stock Exchange.
- When
- Wednesday, 23 September; the article also discusses Q1FY25 results and recent share performance.
- Why
- The rally followed a sharp increase in trading volume; the article does not identify a specific confirmed company announcement as the cause.
Key facts
- Intraday high
- ₹476.90 on 23 September
- Opening price
- ₹420.55
- Trading volume
- Approximately 243.50 lakh shares on the National Stock Exchange
- Q1FY25 revenue
- ₹392 crore, down 5.3% year over year
- Q1FY25 profit after tax
- ₹73 crore, unchanged year over year
- Weekly performance
- Up 12.46%
- Longer-term performance
- Up 432.06% over five years
Quotes
Prayasvin B Patel
Chairman and managing director of Elecon Engineering
“In Q1FY25, our international business contributed approximately 34% to our overall consolidated revenues. With strong endorsements from existing OEMs (original equipment manufacturers) and our ongoing brand-building and marketing efforts, we are confident in reaching this ambitious target”
livemint.com
Sources
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