Gitanjali Gems today said its net profit rose by 8.40 per cent to Rs 52.73 crore for the quarter ended September 30, 2009, over the same period last year. 

Net sales rose to Rs 1,757.73 crore in the July-September quarter, against Rs 1,291.48 crore in the same period last year, Gitanjali Gems said in a filing to the Bombay Stock Exchange (BSE).

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The company has now become owner of majority stake in spectrum, the filing added.

The company has not disclosed the financial details of the share purchase.

Spectrum is owner of trademark 'Sangini', which is a leading brand in the country and it is engaged in the business of manufacturing and dealing of diamonds and diamond studded jewelleries, the filing added. 

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