Stock below Rs 200 hits upper circuit for 2nd day in a row! Do you own? It is a tobacco products maker

Upper Circuit Stock, Stock Below Rs 200 : Shares of a cigarettes and tobacco products are in uptrend today (October 13) as they extended the gains for second consecutive session -- hitting the upper circuit. The stock -- Elitecon International (having a market cap of Rs 25,104 crore), opened gap up at Rs 157.05, up 2 per cent versus the previous close of Rs 149.60.

The counter extended the opening gains and went on to hit the day's upper price band at Rs 157.05, up 5 per cent. Trading in the smallcap stock was halted thereafter.

Today is the second session when its shares touched the upper price band. The counter is currently trading higher than 200-day moving averages but lower than 5-day, 20-day, 50-day and 100-day moving averages. As per exchange data, a rise in investors participation was seen in the counter during today's session as 5-day average daily volume jumped by more than 300 per cent versus Friday's (Oct 10) delivery volume of 8.96 lakh shares.

Elitecon International mainly operates in the tobacco industry and manufactures tobacco-based products, including cigarettes, smoking mixture and others. It also deals in agro products and allied activities.

Its shares are in focus as it has announced plans to raise Rs 300 crore by issuing equity shares through Qualified Institutional Placement (QIP). The funds, it had said, will be utilised for expanding its FMCG portfolio.

Earlier this month, the company announced that it has acquired controlling stakes in two agro-based firms -- Landsmill Agro Private and Sunbridge Agro. "The primary objective of these acquisitions is to expand and strengthen FMCG business vertical," it had said.

Stock Split

Earlier in June this year, the company had announced the sub-division of face value or stock split. This was the first-ever stock split by the company.

The firm had fixed the stock split ratio at 10:1. It means that each share of Rs 10 face value was split into 10 new shares of Re 1 face value.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)

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