TBZ at a record high, stock soars 173% in three months

The stockr has outperformed the market by gaining 173% in past three months compared to around 5% rise in the benchmark Sensex.

Tribhovandas Bhimji Zaveri (TBZ) has locked in 5% upper circuit at Rs 243, also its record high on the BSE, on hopes of higher growth in the second half (October-March) of current financial year 2012-13.

“Overall volumes are expected to recover during the second half of FY13. The company is maintaining the momentum of its retail expansion across key markets,” said Shrikant Zaveri, the chairman and managing director of TBZ in a statement.

The management expects sales to witness marked improvement during the third quarter (September-December) of current financial year 2013 with 22% higher wedding dates.

The company a leading jewellery retailer has outperformed the market by gaining 173% in past three months compared to around 5% rise in the benchmark Sensex.

The stock opened at Rs 238 and hit a low of Rs 234 on the BSE. A combined 1.65 million shares have changed hands on the counter so far and there are pending buy orders for 57,587 shares on both the exchanges.