“In line with commercial terms, the customer will make an initial advance payment to initiate the order, with the remainder to be settled against the Bill of Lading,” the official statement said.
New Delhi: Gujarat Toolroom shares on Tuesday gained 2 per cent after the company through an exchange filing announced receiving an order. The stock hit 52-week high of Rs 36.85 on BSE, according to exchange data. The latest order is valued at USD 50 million for diamonds, the company said in an exchange filing.
The diamonds procured will be utilized in the manufacturing of exquisite ornaments by the customer. It said that customers have already transmitted their signed and sealed order, underscoring their commitment to the partnership.
“In line with commercial terms, the customer will make an initial advance payment to initiate the order, with the remainder to be settled against the Bill of Lading,” the official statement said.
Notably, rating agency Crisil recently said that India’s diamond polishing industry will see its revenue drop by 30-35 per cent to USD 14-15 billion in current fiscal year on poor demand from the US, EU and China. These three geographies account for 75 per cent of India’s polished diamond exports, it added.
Gujarat Toolroom is engages in the plastic products industry. Its shares have gained 10.33 per cent in one week and 21.70 per cent in two weeks. In one month, the stock has jumped 50.90 per cent. In has jumped 192.46 per cent in three months. The micro cap company has a market capitalisation of Rs 204.72 crore.
Last month, Gujarat Toolroom’s board had approved a plan to enter the new market of Dubai by setting up a new subsidiary and making fresh investment in the company. Gujarat Toolroom, Incorporated in 1983, used to manufacture high precision mould.