Eimco Elecon hits all-time high on securing Rs 39-crore order, up 49% in a week

Eimco Elecon manufactures drills and loaders used in underground mining and opencast mines

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Eimco Elecon rallied 6 percent to hit an all-time high of Rs 1,325 on October 13 after the mining-component maker said it had bagged a Rs 39-crore order. The small-cap stock is on a tear and has surged 40 percent in the past week.

Eimco Elecon is manufactures hi-tech drills and loaders used in underground mining and opencast mines. Its products include air-powered rocket shovels, electro-hydraulic side dump loaders, blasthole drillers and air motors.

The order from JMS Mining would entail supply of coal-mining equipment by or before January 27, 2026, the company informed the exchanges.

On September 29, the company received an order worth Rs 61 crore from Inderdeep Construction for the supply of coal-mining machine package.

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In the June quarter, Eimco Elecon’s revenue declined 48 percent year-on-year (YoY) to Rs 43 crore, while net profit dropped 33 percent to Rs 6 crore.

The management, in its FY23 annual report, said it expected demand uptick in the coming days for mining equipment, which caters to blast-free technology in underground coal mines and big size loaders or low profile dump trucks used in metal mines.

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“We have seen a considerable increase in overall coal production in Coal India and Singareni Collieries Company (SCCL). Several tenders have been finalised and more are likely to be finalised by the subsidiaries of CIL as projects are in the pipeline,” the company said.

At 1.52 pm, the stock was trading at Rs 1,386.95 on  the BSE, up 11.51 percent.

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