• Source:JND

FMCG Stock Under Rs 50: The shares of Elitecon International rose over 18 per cent in intraday trade on Wednesday after the FMCG company announced a Rs 700 crore expansion roadmap. The company has also set a revenue target of Rs 20,000 crore by FY30. Amid the development, the stock opened slightly higher at Rs 27.54 as compared to the last day's closing of Rs 27.01 on NSE. However, post the announcement, the stock picked up momentum and touched an intraday high at Rs 32.41, up over 5 per cent from the last closing.

Last seen, the stock was trading at Rs 32.08, up 18.77 per cent from Rs 5.07. Meanwhile, it's 52 week high and low values stood at Rs 46.40 and Rs 26.04, respectively.

Rs 700 Crore Expansion Plan

In an exchange filing, the company said that under its FMCG roadmap, Elitecon International has outlined an indicative capital outlay of Rs 700 crore. 

"This plans to build a distribution network targeting 5,000 partners and presence across 5,00,000+ retail outlets and 15+ international markets over time. The company also aims to scale a portfolio comprising 10 consumer brands and 150+ SKUs as part of the phased rollout framework," the filing noted. 

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Kumar Anubhav Upadhyay, Executive Director, Elitecon International Limited, said, “Our focus today is on disciplined execution of milestones we have already disclosed. An USD 119 Million-plus international order book across Africa and the Middle East, a 40,000+ sq. ft. manufacturing engine at Nashik, and a clearly articulated FY30 FMCG ambition together give Elitecon a credible multi-year growth corridor,"

Stock Market Today

The Indian stock market remained volatile on Wednesday as investors remained cautious amid the heightening geopolitical situation due to renewed tension between the US and Iran. The 30-share BSE index--Sensex--closed the session on a flat note at 73,983.18, up 0.087 per cent or 64.42 points. Earlier, in the morning, the 30-share index was trading sharply higher, touching an intraday high at 74,613.01, up over 690 points from last day's closing of 73,918.76.

Meanwhile, Nifty50 closed on 23,214.95, up 0.12 per cent or 27.15 points.

Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.  


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