66,92,534% gain in a trading day? Yes, that's Elcid
trading session.
So when Elcid Investments, a little-known sparsely traded micro-cap holding company made this eye-popping surge in Tuesday's trade, Dalal Street participants took notice. The extraordinary surge in the stock was on account of a special call auction for price discovery in investment holding companies, organised by stock exchanges.
Elcid shares closed at ₹2,36,250 per share on Tuesday after the auction as against the previous day's closing price of ₹3.53.
Asian Paints promoters own a 75% stake in Elcid while Hydra Trading and 3a Capital Services held 9.04% and 3.34% stakes in the company, respectively. The company reported ₹235 crore revenues in FY24 mostly from the dividend and profits of ₹176 crore.
Elcid shares had only traded once in 2024, with just 500 shares changing hands at ₹3.53 apiece on June 21. Most shareholders have been reluctant to part with any shares in the company, resulting in the stock price stagnating at low single digits for over a decade. On Tuesday, 241 shares were traded on BSE.
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