GENERAL24 Sept 2026
Penny stock under 10 rupees hits 5% upper circuit despite stock market crash; here's why | Stock Market News
Elitecon International, a penny stock below ₹10, hit a 5% upper circuit on Thursday, its fifth straight gain, even as Sensex fell over 500 points. The company linked the rise to ITC's cigarette price hikes, saying higher rival prices could help it win price-sensitive buyers. The stock is up 23% in a week but down 37% in a month, so treat this as speculation, not investing advice.
Key Statutory Highlights
- Elitecon International shares hit the 5% upper circuit on Thursday, opening at ₹9.35 against the previous close of ₹9.14.
- The company's press release linked the rally to ITC's price hikes, such as Gold Flake Premium moving from ₹125 to ₹135 for a 10-cigarette pack.
- The stock gained 23.32% over the past week, but it is still down 37.16% over one month.
Actionable Advice for Taxpayers / Founders:If this stock is on your radar, check Elitecon's actual sales figures and how far its products really overlap with ITC's brands before putting money in. Penny stocks that hit upper circuits can fall just as quickly, so treat it as a high-risk bet.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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