Shares of tobacco products manufacturer Elitecon International Ltd. hit a 5% upper circuit today amid a continued decline in the stock market on Tuesday. The stock rose 5% on the BSE today and is trading steady at ₹78.19. According to BSE Analytics the companys stock has fallen by more than 7 per cent in the last week more than 31 per cent in the last month more than 50 per cent in the last three months and more than 37 per cent in the last six months. On a yearly basis the stock has returned 483% in the last year multiplying investors money fivefold. The stock has gained over 7328% in the last three years and over 7700% in the last five years. Elitecon International recently announced in an exchange filing that it has taken a significant step to further its future expansion and deliver significant shareholder value. The company stated that it has appointed Deloitte Touche Tohmatsu India LLP a global professional firm as its advisor for tax regulatory and transaction management related to the merger. According to the information received from the filing the board of the company is currently considering a plan to merge with Sunbridge Agro Private Limited Landsmill Agro Private Limited and Golden Cryo Private Limited for which all necessary statutory and NCLT approvals will be taken. The company stated that the proposed merger is expected to result in integration of business verticals improved operational efficiency a strengthened balance sheet improved earnings stability and strengthened the companys market position. The company believes this merger will provide Elitecon International Limited with a strong long-term growth platform. Meanwhile stock market benchmark indices Sensex and Nifty declined in early trade on Tuesday as relentless foreign fund outflows and geopolitical tensions weighed on investors sentiment. The 30-share BSE Sensex declined 311.33 points to 82934.85 in early trade. The 50-share NSE Nifty dropped 99.5 points to 25486.