On Wednesday, the stock made a new 52-week high in early session a day after the company declared its Q2 result.
Stock Market News: Shares of newly listed Manoj Vaibhav Gems N Jewellers Ltd (MVGJL) are in focus since its shares were listed on the National Stock Exchange and Bombay Stock Exchange in October month.
On Wednesday, the stock made a new 52-week high in early session a day after the company declared its Q2 result.
The stock was off to a fiery start at Rs 339.95 and went on to hit 52-week high at Rs 342.55. It, however, cooled off due to profit booking to trade lower by 2 per cent.
The company has said that it posted 8.62 per cent rise on yearly basis in its net profit at Rs 22.16 crore in the second quarter. The company had clocked a net profit of Rs 20.40 crore in the year-ago perod.
The revenue from operations of the company jumped 11.39 per cent to Rs 619.22 crore when compared to Rs 555.86 crore in the corresponding quarter of FY23.
Its net income grew to Rs 620.21 crore from Rs 556.79 crore in the year-ago quarter.
Manoj Vaibhav Gems N Jewellers launched its IPO in October. The price band for the initial public offering (IPO) of was set at Rs 204 to Rs 215 per equity share.
The stock is in focus during the festival season amid buying by value investors. The market is expecting that the company will attract higher business volume on account of upcoming festivals.
The company deals in gold, silver, and diamond jewellery, and related products such as precious gemstones, through online and offline modes.