Multibagger stock hits 52-week-high, Edelweiss remain bullish2 min read . Updated: 10 Jul 2022, 03:40 PM IST
- Elecon Engineering Company Ltd. is an engineering-related small-cap company with a market valuation of Rs. 3,304 crores.
Elecon Engineering Company Ltd. is an engineering-related small-cap company with a market valuation of Rs. 3,304 crores. Elecon ranks third in terms of the scale of a firm that provides material handling solutions and is the largest maker of industrial gears and reducers in Asia. In this market, Elecon principally designs and manufactures industrial gears and gearboxes. Domestic operations account for 62 per cent of sales, with an EBIT margin of 20 per cent, while its RoCE profile for domestic operations is 25 to 30 per cent. The shares of Elecon Engineering Company reached a 52-week high on Friday of ₹303.00 and ended the day at ₹294.00 with a 1.28 per cent downside gap on the NSE. After reaching its 52-week-high, the stock is currently trading 136 per cent higher than its 52-week low, which was reached on July 13, 2021, at a price of ₹124.10. The stock has risen from ₹131.85 on July 12, 2021, to the current market price during the last year, representing a multibagger return of 122.98 per cent. On a year-to-date basis, the stock has gained by 53.44 per cent so far in 2022. With a target price of INR 374, the brokerage company Edelweiss Wealth Research Ltd. has initiated a buy call on Elecon Engineering Co. Ltd. shares, indicating a possible gain of 27% over the stock's current market price.
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