Daily News
Motisons Jewellers shares surge 101% ahead of stock split announcement
MUMBAI: Shares of Motisons Jewellers reached a new high of Rs. 287.85 on the Bombay Stock Exchange (BSE) on Wednesday, marking a 12% increase in intraday trading. This surge comes just before a board meeting scheduled for September 19, 2024, to discuss a potential stock split.
By 2:50 PM, the stock was trading at Rs. 281.75, up 9.6% from the previous close, while the BSE Sensex saw a slight dip of 0.23%. The company announced earlier this week that its board of directors will convene to consider a proposal to subdivide the company’s equity shares, currently valued at Rs. 10 each. This move aims to enhance liquidity and attract smaller investors by making shares more affordable.
Since August 7, Motisons Jewellers’ stock has soared by 101%, rising from Rs.141.85. This impressive growth followed the board’s approval on August 14 to issue 10 million fully convertible warrants at Rs. 170 per share to foreign portfolio and institutional investors, with an aim to raise Rs. 170 crore. The funds are intended to bolster the company’s long-term growth and expand its financial resources.
Motisons Jewellers’ FY24 annual report forecasts steady growth in the jewellery market, driven by increasing consumer demand, technological advancements, and changing preferences. The global jewellery market is projected to reach $310.90 billion in 2024, with a compound annual growth rate (CAGR) of 3.53% through 2028. India, the leading revenue generator in the sector, is expected to hit $81.26 billion in 2024, growing at a CAGR of 4.59% over the same period.
Government initiatives, such as mandatory hallmarking, the gold monetisation scheme, and reduced import duties on gold and silver, are expected to further stimulate growth in the Indian jewellery market. Additionally, an expanding middle class, a growing female workforce, and rising demand for both traditional gold and gemstone designs are anticipated to positively impact the sector’s expansion.
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