Vijay Kedia hikes stake in this multibagger portfolio stock

Market


Indian ace investor and stock market trader Vijay Kedia has increased his stake in his portfolio stock Elecon Engineering Company Ltd during the second quarter of the current fiscal (Q2 FY23) as his stake rose from what he had held in the previous quarter of June 2022.

As per the recent shareholding data released for the quarter ended September released on the BSE, the veteran investor holds 1.94% stake or 21,75,000 equity shares in the company as of September 2022, which is higher from 1.85% stake or 20,75,000 shares that Vijay Kedia had held in the previous quarter of April-June 2022 period.

Elecon Engineering shares have given multibagger return of over 120% in a year’s period, whereas the multibagger stock has surged more than 90% in 2022 (year-to-date or YTD) so far.

Elecon Engineering Company Ltd. was established in the year 1951, engaged in the manufacturing of Industrial Geared motors and Reducers, Material Handling Equipment, Mining equipment, casting processes etc. Elecon is one of the largest manufacturers of Material Handling Equipments and Industrial Gears in Asia. It is among the first in India to manufacture sophisticated equipment for bulk Material Handling. 

The product solutions include designing, manufacturing, supply, erection and commissioning of its products. Elecon has two business segments – transmission equipment and material handling equipment.

The manufacturer of industrial gear systems and material handling equipment clocked in consolidated revenue for FY22 of 12.03 billion. Speaking on this Prayasvin Patel, CMD of Elecon said, “The Company has plans to achieve ~ 25% growth in FY23 and we envisage that the growth of last few years to be sustained which will only improve going forward. We have identified the growth potential across various regions in the Americas, Canada, Africa, Europe, and West Asia and are taking various strategic steps to achieve the same. Our wide range of industrial gear applications caters to various industries across categories, like steel, cement, power, sugar, mining, defence, and similar infrastructure sectors. 

Vijay Kishanlal Kedia is among the marquee investors and his portfolio and bets are closely tracked by the stock market participants, As per Trendlyne, the ace investor publicly holds 16 stocks with a net worth of more than 777 crore.

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