Elitecon International shares surged again on Wednesday, locking in the 5 per cent upper circuit at Rs 69.67 on the BSE, marking the third consecutive session of upper circuits. The stock has delivered an astounding 48 per cent one-month return, 106 per cent over three months, and a phenomenal 6,200 per cent year-to-date gain, fueled by a clean FY25 audit and anticipation around deferred fundraising plans.
Fundraising plans deferred, ₹75 crore capital raise on cards
The latest catalyst behind the surge: the company’s board meeting on July 1 decided to defer a decision on proposed fundraising. A rescheduled board meet on July 4 will discuss raising up to Rs 75 crore through options such as preferential allotment, convertible warrants, FCCBs, QIP, or other permitted instruments. The final move will depend on shareholder and regulatory approvals, keeping markets on alert.
Clean audit backs investor confidence
Elitecon also announced a clean, unmodified audit opinion for FY 2024–25, covering both standalone and consolidated accounts. The statutory auditors issued an unqualified certification, with no adverse remarks, reinforcing investor faith in the company’s financial integrity amid its meteoric stock climb.
Market spotlight remains firmly on Elitecon stock
With three consecutive upper circuits, the stock has commanded substantial market attention. Investors are closely watching the July 4 board meeting outcome, which could trigger fresh momentum depending on the chosen fundraising route. Combined with pristine audit credentials, Elitecon’s stock is expected to remain on investor radars in the near term.
