The stock came sharply off the higher level. It had risen as much as 10% to Rs 55, on a new order win

The company announced the results during trading hours today, 17 October 2008.

Meanwhile, the BSE Sensex was down 332.60 points, or 3.14%, to 10,248.89.

On BSE, 89,802 shares were traded in the counter. The stock had an average daily volume of 1.53 lakh shares in the past one quarter.

The stock hit a high of Rs 55 and low of Rs 49.50 so far during the day. The stock has a 52-week high of Rs 343 on 20 December 2007 and a 52-week low of Rs 46.40 on 16 October 2008.

From a recent high of Rs 78.05 on 6 October 2008, the stock declined 35.17% to Rs 50.60 on 16 October 2007.

The small-cap stock had underperformed the market over the past one month till 16 October 2008, declining 50.85% as compared to the Sensex’s decline of 21.73%. It had also underperformed the market in the past one quarter, falling 44.40% as compared to the Sensex’s decline of 15.86%.

The company’s current equity is Rs 18.57 crore. Face value per share is Rs 2.

The current price of Rs 50 discounts the company’s Q1 June 2008 annualized EPS of Rs 5.14, by a PE multiple of 9.73.

Elecon Engineering Company’s net sales rose 37.29% to Rs 252.23 crore in Q2 September 2008 over Q2 September 2007.

Earlier today, 17 October 2008, the company announced that it has secured an order worth Rs 17.75 crore from Techpro Systems, Chennai.

Elecon Engineering Company manufactures all kinds of mechanical handling equipment such as bucket elevators, belt conveyors, gravity roller conveyors, bag-filling machines, bag stacking machines, overhead chair conveyors.