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  5. Elcid Investments shares hit 5% upper circuit; stock price at ₹2.48 lakh apiece after a record surge in two trading sessions

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Elcid Investments shares hit 5% upper circuit; stock price at ₹2.48 lakh apiece after a record surge in two trading sessions

Upstox
By Upstox News Desk

3 min read | Updated on October 31, 2024, 16:16 IST

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SUMMARY

Prior to the special call auction, Shares of Elcid Investments Ltd were priced at ₹3.53 apiece with a book value of more than ₹4 lakh per share, according to reports. After the auction, the stock price jumped 66,92,535% to ₹2,36,250 on October 29.

Elcid Investments.webp

This smallcap holding company stock hits 5% upper circuit after more than 70,000x surge

Shares of Elcid Investments Ltd gained 5% to hit the upper circuit limit at ₹2,48,062.5 apiece on the BSE on Thursday, October 31. The stock was locked in the upper circuit for the second consecutive day since its price was adjusted after a special call auction session organised on October 29 by the BSE.

The special call auction was organised to uncover the fair value of listed holding companies. According to reports, several holding companies other than Elcid Investments, such as Pilani Investments, Kalyani Investments, TVS Holdings, and Maharashtra Scooters, were also involved in the special call auction.

According to reports, shares of Elcid Investments Ltd. were priced at ₹3.53 apiece with a book value of more than ₹4 lakh per share before the special call auction. After the auction, the stock price jumped 66,92,535% to ₹2,36,250 on October 29.

The stock has been on a gaining spree since the price unlocking in the special call auction, turning into the costliest share in India. Shares of the holding company are currently trading 70,27,170% higher compared to its price of ₹3.53 per share before the auction.

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Elcid Investments earns its revenue from the interest and dividend earned on its investment portfolio, which categorises it as a holding company. Generally shares of holding companies trade at discounts to their fair value.

Earlier in 2024, the markets regulator proposed a mechanism to improve the price discovery of investment holding companies (IHCs). The call auction session was part of the same exercise to revalue holding company stocks.

Elcid Investments dividend yield

Earlier in 2024, the company also declared a dividend of ₹25 per share for FY24. The dividend yield of the stock stood at 708% for FY24 due to its trading price of ₹3.53 per share. However, after the recent gains made by the stock, the dividend yield is likely to be lower due to the high price of the stock.

India’s most expensive stock

Shares of Elcid Investments have surpassed MRF in terms of price, making it the most expensive stock in India currently. MRF was considered the highest-valued stock among Indian equities. MRF shares are currently trading flat at ₹1,22,031.3 apiece on the NSE.

Despite the price difference, the total market capitalisation of MRF stands at ₹51,727.52 crore, while Elcid Investments’ market capitalisation stands at ₹4,961.25. The holding company’s market capitalisation is mostly constituted by its 1.28% stake in Asian Paints, which is valued at ₹3,616 crore, according to reports.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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