THIS company shares hit fresh 52-week high post update on fundraising
Shares of Elitecon International Ltd opened gap up with a gain of 4.99 per cent at Rs 69.67. This is the stock's new 52-week high. The latest rally in the counter comes amid a spurt in volume by 1.93 per cent. At the time of writing the report, around 13.65 crore shares changed hands, higher than the two-week average volume of 7.05 lakh. The 52-week low of the scrip is Rs 1.10.
The stock's 14-day relative strength index (RSI) is 79.6. This index, which measures the magnitude of recent price changes to evaluate overbought or oversold conditions, is considered overbought or overvalued when it's above 70, and oversold or undervalued when it's below 30.
From a technical standpoint, Elitecon's stock is in a strong position. It is trading above the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a robust performance.
The recent surge in Elitecon's stock price coincides with the company's announcement of a board meeting to discuss fundraising. This development has piqued the interest of investors and market enthusiasts alike. Board To Consider Raising Fund
The Board of Directors of the company has deferred the consideration and approval of raising funds to the next Board meeting, scheduled for July 04, 2025.
'During the meeting, the company will evaluate the proposal for raising funds of up to an amount of Rs 75 crores by way of preferential allotment, issue of convertible warrants, foreign currency convertible bonds (FCCBs), qualified institutional placement (QIP) or any other permissible modes,' the company said. Share Price History
The counter has given a multibagger return of 571 per cent so far this year, a significant increase from its previous performance. Over the past three months, it has also shown a strong return of over 106 per cent. In six months, the return offered by the stock is 558 per cent, a stark contrast to the 4.32 per cent surge in the benchmark index.
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