This Midcap Stock Made Nemish Shah ₹37 Cr Richer Today

Ace investor Nemish Shah saw a significant increase in his net worth today, thanks to the impressive performance of Elgi Equipments. The stock surged over 12% to hit a new 52-week high of ₹614.

The massive surge in Elgi Equipments’ share price comes as the company announced receiving a letter of award from Siemens Limited for the supply and maintenance of air generation and treatment units and aux compressors. The order is required to be executed by the company over a period of 10 years of supplies and 35 years of maintenance from the date of supply.

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Nemish Shah owns 1.69% or 53.6 lakh shares of Elgi Equipments. So, on the previous day, when the stock closed at ₹545.50, the value of his holding was ₹292.35 crores. Today, after the surge to ₹614, his stake’s value went up to ₹329.10 crores. An increase of around ₹37 crore.

Price Action: Elgi Equipments’ share price was up 11.94% to trade at ₹610.65 in the early hours of trading on Wednesday.

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Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.

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