Gitanjali Gems corrects on profit booking

Gitanjali Gems fell 3.23% to Rs 99 at 11:42 IST on BSE on profit booking after the stock surged 58.48% in the preceding four trading sessions to Rs 102.30 on 22 May 2014, from a recent low of Rs 64.55 on 16 May 2014.

Meanwhile, the BSE Sensex was up 235.42 points, or 0.97%, to 24,609.82.

On BSE, so far 7.59 lakh shares were traded in the counter, compared with an average volume of 3.40 lakh shares in the past one quarter.

The stock hit a high of Rs 105 and a low of Rs 96.15 so far during the day. The stock hit a 52-week high of Rs 618.70 on 29 May 2013. The stock hit a 52-week low of Rs 48.10 on 20 December 2013.

The stock had outperformed the market over the past one month till 22 May 2014, rising 55.35% compared with 7.10% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 59.10% as against Sensex's 17.75% rise.

The small-cap company has an equity capital of Rs 92.06 crore. Face value per share is Rs 10.

On a consolidated basis, Gitanjali Gems' net profit fell 70.7% to Rs 50.46 crore on 36.6% decline in net sales to Rs 2759.61 crore in Q3 December 2013 over Q3 December 2012. The company will announce Q4 results on 30 May 2014.

Gitanjali Gems is an integrated gems and jewellery (G&J) player with operations spanning across the entire G&J value chain. The company's business encompasses activities like rough diamond sourcing, cutting, polishing and distribution, jewellery manufacturing, jewellery branding and retailing.

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