Vijay Kedia Portfolio Debt-Free Stock To Consider Stock Split This Week; Do You Own?

As of Tuesday's BSE closing session, Elecon Engineering Company, a mid-cap company in the capital goods category, has a market capitalization of Rs 11,404.57 Cr. Elecon is one of the largest manufacturers of material handling equipment and industrial gear in Asia with zero debt.

After the firm announced that the Board of Directors will meet on April 19 to talk about a stock split, the shares of Elecon Engineering Company wrapped up 2.96% higher at Rs 1016.45 apiece on Tuesday. This announcement means that market observers will be paying careful attention to the stock in the sessions to come. The stock reached a 52-week-high of Rs 1,120.50 on (30/01/2024) and a 52-week-low of Rs 407.55 on (25/04/2023).

Elecon Engineering Company News

"This is in continuation to our letter dated 30th March 2024, informing that a meeting of the. Board of Directors is scheduled to be held on Friday, 19th April, 2024, to consider and approve the Audited Financial Results (Both Standalone & Consolidated) for the quarter & financial year ended on 31st March, 2024 alongwith related segment wise financial results and to recommend dividend, if any. This is to inform you that at the said meeting, the Board of Directors will also consider the following proposals: a. Alteration in the share capital of the Company by sub-division/ split of existing equity shares having face value of Rs.2/-each, fully paid up, as may be determined by the Board of Directors," said Elecon Engineering Company in a regulatory filing.

"Further, as communicated vide our above letter, the Trading Window in respect of the equity shares of the Company shall remain closed from 1st April, 2024 till 48hours after the audited financial results of the Company for the quarter and financial year ended on 31st March, 2024 and other price sensitive information become generally available information," the company also stated in the stock exchange filing.

Elecon Engineering Company Financials

On a standalone basis, the company reported revenue from operations of Rs 383.30 crore in the December 2023 quarter up 26% from Rs. 304.22 crore in the December 2022 quarter. Its net profit stood at Rs. 76.31 crore in Q3FY24 up 58.3% from Rs. 48.21 crore in Q3FY23. The company said in a regulatory filing that its quarterly standalone EBITDA was Rs. 114.02 crore in the reported quarter up 51.8% from Rs. 75.11 crore in the same quarter of FY23. Elecon Engineering Company is yet to declare its Q4FY24 results.

Vijay Kedia Stake In Elecon Engineering Company

As per the shareholding pattern of Elecon Engineering Company available on BSE for Q3FY24, ace investor Vijay Kishanlal Kedia held 14,99,999 shares of the company in his portfolio which is 1.34% of the current paid-up equity share capital of Elecon Engineering Company.