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Elitecon International shares rise after board and senior management revamp
The logistics company said it appointed eight key roles, including a new managing director effective from the same date, after filing an update dated August 17.
Elitecon International shares gained in early trading on the NSE on Tuesday, rising nearly 1% despite a weaker broader market, LiveMint Markets reported. The stock opened at ₹16.73 and later touched an intraday high of ₹17.12 on August 18.
LiveMint Markets said India’s benchmark indices opened lower, with the BSE Sensex down 278.3 points to 77,450.6 and the NSE Nifty down 57.7 points to 24,230.5. The declines were linked to elevated crude oil prices and escalating tensions in West Asia, which weighed on investor sentiment.
According to an exchange filing dated August 17, Elitecon International said it undertook a strengthening of its board and senior management, involving eight key appointments as part of ongoing board, management, and governance changes. The company said the appointments are effective from the same date, with certain director roles, including the managing director, subject to shareholder approval within timelines under applicable law.
The strengthened leadership structure, the company said, includes three additional directors in the non-executive independent category, including a woman independent director, plus an executive director. It also named Pradeep Kumar as managing director for a five-year term up to August 13, 2031, subject to member approval, and appointed other roles including a company secretary, a compliance officer, a chief financial officer, and a secretarial auditor.
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