This BSE 500 company touched a fresh 52-week high on August 2

This BSE 500 company touched a fresh 52-week high on August 2

Indian Market
by 5paisa Research Team Last Updated: 2022-08-02T14:22:28+05:30

Elgi Equipments is up by 3.28% in a volatile market 

Elgi Equipments is a global leader in providing sustainable compressed air solutions. It designs and manufactures an extensive range of innovative and technologically advanced compressed air solutions for a variety of industry applications. Over the years, it has earned worldwide accolades for designing customer-centric, compressed air solutions that are sustainable, and cost beneficial. 

In a press release, Elgi Equipments informed that the Company has acquired 14,40,000 shares constituting 6.55% of paid-up share capital in First Energy TN 1 Private Limited. The object of the acquisition of 6.55% shareholding is to comply with the minimum shareholding requirement of 26% under the captive project rules along with other captive users. 6.55% of paid equity share capital has a face value of Rs 10 per share. FETPL was incorporated on January 29, 2022, with the object to develop and operate a Captive Power Plant and a Solar Power Plant on a ‘built-own-operate’ basis to undertake Business and meet the captive consumption requirements of captive users. 

The company is about to go ex-dividend on 3 August 2022. As the company is set to pay a total dividend of Rs 1.15 per share on 10 September 2022, investors need to purchase shares of Elgi Equipments before 4 August 2022 in order to be eligible for the dividend. 

On 2 August 2022, the stock touched a fresh 52-week high of Rs 425.95 and the stock has a 52-week low of Rs 191.60. The stock has delivered 30% returns since January 2022, from Rs 304 on 3 January to Rs 397.35 on 1 August 2022. 

On Tuesday, at 12:40 pm, the shares of Elgi Equipments are up by 3.28% and the scrip is trading at Rs 410.40. 

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