Elcid Investments Ltd which initially started out as a penny stock has now hit ₹2,36,250, surpassing even MRF Ltd to become India’s costliest stock to buy.
This brings in the question of how much money one could have made if they had invested in it earlier when it was a penny stock.
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The Bombay Stock exchange website shows that the company’s stock at a 52-week low was at ₹3.37. That means that from that point, the stock has now multiplied 70,104 times in value.
So how much money would one have made if they had invested ₹10,000 into Elcid Investments let’s say when it was at its 52-week low of ₹3.37?
₹10,000 at that time would have gotten one 2,967 shares of Elcid Investments. That means those shares would now be worth ₹70,09,53,750.
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Why did Elcid Investments shares rise so high?
The sky-high stock price came after the company was relisted on the BSE on Tuesday, October 29, 2024. It’s market capitalization is ₹4,725 crore now.
One of the main reasons for Elcid Investments to be priced this high is that it holds 2,83,13,860 equity shares or a 2.95% stake in Asian Paints Ltd, which is worth close to ₹8,500 crore.
The relisting of Elcid Investments through a special call auction mechanism for a price discovery on Monday and the rate settlement on Tuesday was announced in a BSE circular dated October 21, 2024 after the promoters made a voluntary offer to delist it which didn’t happen due to non-receipt of requisite majority of public shareholders.
