Elcid Investments noticed an unprecedented surge in its share worth.
Slightly-known smallcap inventory became a sensation for buyers on October 29. Elcid Investments noticed an unprecedented surge in its share worth, skyrocketing from a mere Rs 3.53 apiece to an mind-boggling Rs 2,36,250 on the BSE in only one buying and selling session.
An funding of Rs 1 lakh in Elcid Investments shares a number of months in the past may have became Rs 670 crore after the value surge.
This phenomenal rise has propelled Elcid Investments to change into India’s costliest inventory, surpassing tyre maker MRF Ltd’s share worth of Rs 1.22 lakh apiece (Tuesday closing worth on the BSE).
The astronomical enhance of 66,92,535 p.c within the Elcid Investments share worth was witnessed after the BSE public sale for worth discovery of holding corporations. Each share of Elcid was valued at Rs 2.25 lakh.
During the public sale, Elcid’s shares reached a peak traded worth of Rs 4.58 lakh, though the value found finally settled at Rs 2.25 lakh per share. However, the inventory had touched an intraday excessive of Rs 2,36,250 per piece on the BSE.
Before this, Elcid Investments had solely been traded this 12 months on June 21, the place simply 500 shares modified palms at Rs 3.53 every. In July 2024, Elcid Investments was considered a penny inventory price solely Rs 3.21 apiece.
The BSE public sale was a part of an effort to enhance worth discovery for funding holding corporations (IHCs).
In June 2024, the Securities and Exchange Board of India (SEBI) introduced a brand new initiative aimed toward enhancing worth discovery for Investment Companies (ICs) and Investment Holding Companies (IHCs). SEBI recognized that quite a few ICs and IHCs have been buying and selling nicely beneath their guide values. To tackle this subject and guarantee higher liquidity, honest pricing and heightened investor curiosity, SEBI launched a framework for a “particular name public sale with no worth bands”, particularly for these shares. As a outcome, Elcid commenced buying and selling at Rs 2.25 lakh on October 29.
Currently Elcid Investment’s market capitalisation stands at Rs 52,010 crore.