If you thought MRF Ltd. held the title of the highest-priced stock in India, Elcid Investments Ltd. has proved that assumption wrong. The little-known microcap company has emerged as India’s most expensive stock, overtaking the ₹1.37 lakh per share tyre giant, MRF. Interestingly, just a few months ago, Elcid was trading as a penny stock at a mere ₹3.21 per share.
Elcid Investments was relisted on the BSE on October 29, following a special call auction for price discovery organized by stock exchanges as per SEBI’s directive. The auction aimed to establish a fair price for certain investment holding companies (IHCs) trading at deep discounts to their book values. Elcid’s share price skyrocketed to ₹2,25,000 in the initial auction and surged further to ₹2,36,250, giving it a market capitalization of nearly ₹4,800 crore.
Elcid Investments holds a significant 2.95% stake in Asian Paints Ltd., valued at approximately ₹8,500 crore. This substantial holding in a large-cap stock has driven up Elcid’s market value, making it the highest-priced stock in India.
Here’s a look at the top five most expensive stocks in India as of September 2024:
- Elcid Investments Ltd. – ₹2,36,250 per share
Recently relisted at a phenomenal valuation due to its stake in Asian Paints, making it India’s priciest stock. - MRF Ltd. – ₹1,37,400 per share
Known for its high share price in the tyre manufacturing industry, MRF has long been a high-value stock on Dalal Street. - Yamuna Syndicate – ₹52,749 per share
A lesser-known but high-value stock, Yamuna Syndicate has consistently maintained a strong share price. - Honeywell Automation – ₹51,249.1 per share
A leader in automation and control solutions, Honeywell Automation commands a premium in the Indian market. - Page Industries – ₹43,589 per share
The popular apparel and innerwear brand has made its mark with high valuations in the consumer goods segment.
This list highlights that while high share prices often reflect a company’s market strength, they don’t always indicate affordability or investment potential. Elcid’s meteoric rise illustrates how unique corporate structures and hidden value in holdings can lead to significant share price shifts.
