Sunita Somvanshi
Elcid Investments Ltd.'s shares were relisted on the Bombay Stock Exchange (BSE) on October 29, 2024, at an astonishing price of ₹2,36,250 apiece.
Elcid has surpassed MRF by a wide margin, making it India's most expensive stock at the moment.
Elcid was a mere penny stock trading at ₹3.21 in July of this year.
BSE conducted a special call auction on October 28 for price discovery of holding companies.
Photo Source- BSEINDIA (CC BY-SA 3.0)
This allowed Elcid's stock to soar from ₹3.53 to ₹2,36,250 in a single day, making a jump of 66,92,535%.
A circular by the Securities and Exchange Board of India (SEBI) earlier this year proposed a new mechanism to improve price discovery for Investment Companies (ICs) and Investment Holding Companies (IHCs).
Photo Source- Jimmy vikas (CC BY-SA 3.0)
A special call auction with no price bands was open to ICs and IHCs that fulfilled the criterion of having been listed for at least one year, were not suspended from trading, and had at least 50% of their assets invested in other listed companies.
Elcid Investments' primary asset is Asian Paints Ltd with a 2.95% stake, valued at ₹8,500 crore.
The company's net profit now stands at ₹135.95 crore, a 39.57% increase from the previous year with net sales having also grown by 38.28% to ₹177.53 crore.