Ace investor Vijay Kedia saw a substantial increase in his wealth today, courtesy of the stellar performance of two midcap stocks, Tejas Networks and Elecon Engineering. Both stocks hit new 52-week highs today.
Tata Group‘s subsidiary, Tejas Networks saw its shares go up over 7% to hit a new 52-week high of ₹880. Kedia holds a 2% stake in Tejas Networks, amounting to 34 lakh shares. On Thursday, with the stock closing at ₹820.15, the value of his holdings stood at ₹278.85 crores. However, following today’s surge to ₹880, the value of his stake rose to ₹299.20 crores. An increase of around ₹20.75 crores.
Elecon shares experienced a similar surge, as the stock went up close to 8% to hit a new 52-week high of ₹773.95. Kedia owns a 1.78% stake or 20 lakh shares in Elecon Engineering. On the previous day, when the stock closed at ₹718.15, the value of his holdings was ₹143.63 crores. Today, after the surge to ₹773.95, the value of his stake increased to ₹154.79 crore, leading to an increase in Kedia’s wealth by about ₹11.16 crore.
Elecon Engineering reported its earnings for the quarter ended June earlier this week. The company profits surged over 70% year-over-year to ₹73 crore. Revenue from operations came in at ₹414.3 crore, up 26% from the year-ago period. Tejas Network is scheduled to release earnings on July 21.
Price Action: Tejas Network shares were up 5.57% to trade at ₹865.80. Elecon share price was 1.44% to trade at ₹728.50 on Friday afternoon.
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