Mumbai (Maharashtra) [India], December 31: Elitecon International Ltd. (EIL) experienced a significant surge in its stock performance, hitting a 5 percent Upper Circuit to an intraday high of Rs 99.80 per share on Wednesday, a notable increase from its previous closing of Rs 95.05. This upward momentum follows recent strategic moves by the company, including seeking shareholder approval to substantially increase its investment and borrowing limits, alongside securing a substantial international export contract.
The company is proactively enhancing its financial flexibility by proposing to raise its investment and loan limits under Section 186 to Rs 750 crore and expanding its borrowing powers under Section 180(1)(c) to Rs 500 crore. While current operations are within existing limits, these proposed higher thresholds are designed to provide the Board with greater operational agility, facilitate optimal financial structuring, and support future growth through diverse funding avenues. This financial expansion also includes empowering the Board to secure borrowings through mortgages on company assets, ensuring smooth business operations.
Adding to its recent successes, Elitecon International Limited recently secured a significant two-year international supply contract valued at USD 97.35 million from Yuvi International Trade FZE. This transformative agreement is for the export of cigarettes and tobacco-related products to the Middle East, marking a crucial step in the company’s global expansion strategy. The contract ensures substantial revenue visibility and supports an optimized production and growth model, firmly establishing an export-led business framework.
Established in 1987, Elitecon International Ltd. has built a strong reputation in the manufacturing and trading of a diverse array of tobacco and allied products for both domestic and international markets. Its product range spans smoking mixtures, cigarettes, pouch khaini, zarda, flavoured molesis tobacco, and other tobacco-based items. With an established international footprint in the UAE, Singapore, Hong Kong, and the UK, EIL is poised to further broaden its market reach, with plans to introduce several products.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor