This Small Cap Company Beats MRF To Become India’s Costliest Stock

A bit of-known smallcap inventory was a sensation for buyers on October 29. Elcid Investments noticed an unprecedented surge in its share worth, skyrocketing from a mere Rs 3.53 apiece to an mind-boggling Rs 2,36,250 on the BSE in only one buying and selling session.

An funding of Rs 1 lakh in Elcid Investments shares a number of months in the past might have was Rs 670 crore after the value surge.

This phenomenal rise has propelled Elcid Investments to develop into India’s costliest inventory, surpassing tyre maker MRF Ltd’s share worth of Rs 1.22 lakh apiece (Tuesday closing worth on the BSE).

The astronomical improve of 66,92,535 % within the Elcid Investments share worth was witnessed after the BSE public sale for worth discovery of holding corporations. Every share of Elcid was valued at Rs 2.25 lakh.

Throughout the public sale, Elcid’s shares reached a peak traded worth of Rs 4.58 lakh, though the value found in the end settled at Rs 2.25 lakh per share. Nonetheless, the inventory had touched an intraday excessive of Rs 2,36,250 per piece on the BSE.

Earlier than this, Elcid Investments had solely been traded this yr on June 21, the place simply 500 shares modified fingers at Rs 3.53 every. In July 2024, Elcid Investments was thought to be a penny inventory value solely Rs 3.21 apiece.

The BSE public sale was a part of an effort to enhance worth discovery for funding holding corporations (IHCs).

In June 2024, the Securities and Change Board of India (SEBI) introduced a brand new initiative aimed toward enhancing worth discovery for Funding Corporations (ICs) and Funding Holding Corporations (IHCs). SEBI recognized that quite a few ICs and IHCs had been buying and selling properly beneath their guide values. To handle this challenge and guarantee higher liquidity, honest pricing and heightened investor curiosity, SEBI launched a framework for a “particular name public sale with no worth bands”, particularly for these shares. Because of this, Elcid commenced buying and selling at Rs 2.25 lakh on October 29.

At the moment Elcid Funding’s market capitalisation stands at Rs 52,010 crore.