India's Elecon Engineering hits record high on qtrly profit jump

Elecon Engineering

11/07/2023 07:50

** Shares of Elecon Engineering  ELCN.NS  rise as much as
18.25% to hit a record high of 748.90 rupees    
    ** Stock marks sharpest intraday pct gain since July 25,
2022
    ** Co reported 72.4% jump in June-qtr consolidated net PAT
and 26.4% rise in revenue
    ** The two segments of the co, transmission equipment and 
material handling equipment saw their consolidated revenue rise
26.6% and 25.4% YoY respectively
    ** Co also approved incorporation of unit Elecon Middle East
FZCO, Dubai
    ** Share price above 50-day, 100-day and 200-day simple
moving averages, suggesting bullish trend
    ** More than 2.4 mln shares change hands by 12:10 p.m. IST,
6.5x 30-day avg
    ** Including session's gain, stock up 97.1% YTD


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))