Recently listed Manoj Vaibhav Gems N Jewellers’ shares rally 60% in a month

Shares of Manoj Vaibhav Gems N Jewellers surged more than 8% to Rs 322.10 on Thursday as its market capitalization topped Rs 1,600 crore mark

Hyderabad: Shares of Manoj Vaibhav Gems N Jewellers Ltd (MVGJL) have surged about 60% in a little more than a month of its innings at Dalal Street. The gems and jewellery player debuted at Dalal Street in early October but has delivered a strong return to investors in just five weeks of its listing.

Shares of MVGJL surged more than 8% to Rs 322.10 on Thursday, as its market capitalization topped Rs 1,600 crore mark. However, the company finally settled at 312.40 for the day on BSE, about 5% higher than its previous close.

Shares of MVGJL were listed in October 2023, when the company raised Rs 270.20 crore via its initial stake sale by offering its shares in the range of Rs 204-215 apiece. The stock was listed at par, that means, at its issue price of Rs 215 but dropped at Rs 202.05 on October 5.

From its all-time lows, the stock has gained about 60%, while it is up 50% from its issue price of Rs 215. The stock has gained about 25% in the last in the last one week. However, the jewellery stock apparently gained momentum ahead of the festive season.

The company board of Manoj Vaibhav Gems ‘N’ Jewellers is scheduled to meet on November 14 to consider results for the quarter and half year ended on September 30, 2023.

Manoj Vaibhav Gems ‘N’ Jewellers, also known as Vaibhav Jewellers, is a regional jewellery brand in South India. Incorporated in 2003, the company offers gold, silver, and diamond jewellery, precious gemstones, and other jewellery products through retail showrooms and online channels.

Vaibhav Jewellers’ caters to the economic segments of the micro markets of Andhra Pradesh and Telangana in both rural and urban areas. The company has 13 showrooms across 8 towns and 2 cities in Andhra Pradesh and Telangana.

Courtesy: Business Today