The company made this announcement after trading hours on Wednesday, 26 March 2008.
Meanwhile, the BSE Sensex was down 156.07 points, or 0.97%, to 15,930.76 after a drop in US durable goods stoked concerns the US is already in a recession.
On BSE, 10,648 shares were traded in the counter. The scrip had an average daily volume of 3.28 lakh shares in the past one quarter.
The stock hit a high of Rs 252.05 and a low of Rs 244.05 so far during the day. The stock had a 52-week high of Rs 480 on 5 December 2007 and a 52-week low of Rs 176.50 on 13 June 2007.
The mid-cap scrip had underperformed the market over the past one month till 26 March 2008, declining 17.11% compared to the Sensex’s fall of 9.66%. It had also underperformed the market in the past one quarter, declining 44.63% compared to Sensex’s decline of 20.43%.
The company’s current equity is Rs 85.06 crore. Face value per share is Rs 10.
The current price of Rs 244.30 discounts its Q3 December 2007 annualized EPS of Rs 14.22, by a PE multiple of 17.18.
Modali Jewels (MJPL) is engaged in establishing and operating chain of showrooms/outlets for selling gold & diamond studded jewellery. After the acquisition, it has become a wholly owned subsidiary of Gitanjali Gems.
In January 2008, Gitanjali Gems acquired 100% shares Mumbai based Brightest Circle Jewellery, which is engaged in manufacturing, distributing and selling of diamonds and jewellery products.
In December 2007, the company’s wholly owned subsidiary Gitanjali Lifestyle signed a memorandum of understanding with Mariella Burani Fashion Group, Italy to form a joint venture in India.
Gitanjali Gems’ net profit rose 20.70% to Rs 26.85 crore on 19.80% rise in net sales to Rs 598.28 crore in Q2 September 2007 over Q2 September 2006
The company manufactures, exports and markets diamonds and jewellery. It owns a number of jewellery brands, including D'damas, Nakshatra, Sangini and Asmi.
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