Shares of Eimco Elecon (India) Ltd hit a 20% upper circuit on 8 October after Kedia Securities and Niveza Smallcap Fund purchased a stake in the company on the open market. 

According to NSE bulk deal data, Kedia Securities purchased 57,441 shares at Rs 1,906.71 per share, while Niveza Smallcap Fund purchased 30,000 shares at Rs 1,792.58 per share of the company. 
 
Dr Vijay Kedia’s investment arm is called Kedia Securities. The firm’s primary activities include investing in both the ‘listed’ and ‘unlisted’ spaces. ‘Listed space’ refers to investing in companies that are listed on Indian stock exchanges, whilst ‘unlisted’ refers to investing in startups. Apart from that, the firm invests in real estate.

Eimco Elecon manufactures and markets equipment for underground and opencast mining. Eimco Elecon (India) Limited was the first in India to use intermediate technology, such as Side Dump Loaders (SDLs), Load Haul Dumpers (LHDs), and Rocker Shovel Loaders, to partially mechanise underground coal and metalliferous mines.

According to the company’s official website, it has developed over 3,800 machines, which are currently operational in various mining and construction sites in India and worldwide. The company also offers sales and after-sales assistance through a network of branch offices and parts depots around the country, including Asansol, Bilaspur, Dhanbad, Kolkata, Nagpur, Secunderabad, Bangalore, Chennai, Jamshedpur, Mumbai, and New Delhi.

At 2:20 pm, the shares of Eimco Elecon were locked 20% higher at Rs 2,301 on NSE.

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