Gitanjali Gems zooms over 50% in one week

The stock has zoomed 57% from Rs 48.80 on December 20, compared to 0.54% rise in the benchmark S&P BSE Sensex.

Gitanjali Gems has surged nearly 14% to Rs 76.40, extending its past three days rally, on back of heavy volumes on the BSE.

Till 1000 hours, a combined 5.58 million shares representing 6% of the total equity capital of the company have changed hands against an average sub 2 million shares that were traded daily in past two weeks on the BSE and NSE.

Shares of an integrated diamond and jewellery manufacturer and retailer has zoomed 57% from Rs 48.80 on December 20, compared to 0.54% rise in the benchmark S&P BSE Sensex.

The stock hit a 52-week low of Rs 48.10 during intra-day trade on December 20, has tanked 93% from its one year high of Rs 650 touched on April 23 this year after the financiers offloaded the shares pledged by the promoters through open market, due to margin call.

Total promoters holding in the company has declined sharply to 39.28% as on September 30, 2013 from 59.44% at the end of March 2013 quarter, the shareholding pattern data shows.

Meanwhile, Gitanjali Gems has reported a sharp 76% year-on-year decline in its consolidated net profit at Rs 72.95 for the first half (April to September) of the current financial year 2013-14. The company had profit of Rs 301 crore in the same period last fiscal.