Elitecon International share price hit upper circuit for the third straight session on Friday, led by strong buying momentum. The small-cap stock rallied as much as 5% to ₹43.52 apiece on the BSE, extending its gains for the third straight session.
The rally in Elitecon International shares was supported by strong trading volumes. Around 22 lakh equity shares of Elitecon International changed hands on stock exchanges on April 17, as compared with its one month average trading volumes of 15 lakh shares.
The recent gains in the FMCG and tobacco company, Elitecon International, came after the company said it was awarded a long-term supply contract from South Africa-based Bozza Tobacco (PTY) for the supply of cigarettes and other tobacco-related products.
The company will supply its tobacco products, i.e. cigarettes with the brand names of Red and Black, B&W, Cape, Ossum, Golden Flake, etc. The total value of the contract is ₹202 crore, and the time period by which the order is to be executed is two years.
Elitecon International share price performance
Elitecon International share price has fallen by over 18% in one month, and has declined 57% on a year-to-date (YTD) basis. The small-cap stock has dropped 72% in six months, while it has risen over 12% in one year. Meanwhile, Elitecon International shares have delivered multibagger returns of over 3,200% over the past five years.
At 12:45 PM, Elitecon International share price was still locked at 5% upper circuit of ₹43.52 apiece on the BSE.
