Business
Elitecon seals up to $60 million South Africa deal
The Hindu BusinessLine··28 Sept
Elitecon International signed a product supply framework with South Africa's World Class 77 to ship tobacco from Nashik for up to twelve months. The deal is valued at up to $60 million, or about Rs 574.20 crore. Shares closed at Rs 8.63 on the NSE, down 4.96 percent. The company expects up to 200 extra Nashik jobs from the order.
Prism
What It Means For You
- The Nashik plant gains a South Africa supply contract lasting up to twelve months.
- Management links the deal to as many as 200 additional plant jobs.
- The stock still fell 4.96 percent on the announcement day.
What's Happening
- World Class 77 is based in Boksburg, South Africa.
- Elitecon already sells in more than 50 countries and has UAE and Singapore subsidiaries.
- FY26 consolidated revenue was Rs 5,074.80 crore, 9.2 times the prior year.
Market backdrop for the stock
- NSE closing price on September 28 was Rs 8.63 versus Rs 9.08 previously.
- Year-to-date the stock is down over 81 percent, near a September 10 low of Rs 7.08.
- The pact is described as the first major international deal under a board reset in July and August 2026.
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