Multibagger stock among stocks to watch on Monday; here's why

Multibagger stock Elitecon International will be in focus on Monday, September 1, following the proposal of certain special resolutions that were put to a vote at the company's extraordinary general meeting (EGM) held on Friday.

According to a filing by Elitecon International, one of the key proposals moved by the multibagger company was regarding fundraising.

A special resolution was floated and moved regarding the consideration and approval for capital raising via qualified institutional placement. The company proposed raising ₹300 crore via the issuance of equity shares via a QIP.

Furthermore, another special resolution pertained to making investments, giving loans, guarantees and security in excess of limits specified under Section 186 of the Companies Act, 2013.

The company also put to a vote a special resolution seeking approval to amend the existing Objects Clause of the Memorandum of Association of the company.

Multibagger stock Elitecon International additionally proposed approving the appointments of Venkata Ramesh Penumaka and Susanta Kumar Panda as Independent Directors of the company.

The last proposal pertained to shifting the registered office from the National Capital Territory of Delhi to the state of Maharashtra.

The voting results on the above resolutions, as declared by the Chairperson subsequent to receipt of the Scrutinizer’s Report, will be communicated to the Exchange and also uploaded on the website of the Company in due course, Eltecon International stated.

Elitecon International share price closed the session 5% lower on Friday, August 29, amid weakness in the Indian stock market.

The mid-cap stock, with a market cap of ₹52,000 crore, has seen an 18% decline during the last week.

However, it has emerged as a multibagger stock over other time frames. Elitecon International shares have jumped 669% in just three months, while they are up 1371% in six months. On a year-to-date basis, the performance is even more impressive with a massive 3062% surge.

The 52-week high for the stock is ₹422.65, while its 52-week low is ₹1.27.

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Download the Mint app and read premium stories