Gitanjali Gems hits 52-week high after strong Q1 earnings

Gitanjali Gems was locked at 20% upper circuit at Rs 57.40 at 12:28 IST on BSE after consolidated net profit rose 188.2% to Rs 57.40 crore on 30.4% growth in net sales to Rs 3710.43 crore in Q1 June 2016 over Q1 June 2015.

The result was announced after market hours on Monday, 12 September 2016. The stock market was closed yesterday, 13 September 2016 for a holiday.

Meanwhile, the S&P BSE Sensex was down 12.49 points or 0.04% at 28,341.05.

On BSE, so far 12.42 lakh shares were traded in the counter as against average daily volume of 1.24 lakh shares in the past one quarter. The stock hit a high of Rs 57.40 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 51.50 so far during the day. The stock had hit a record low of Rs 29.95 on 1 March 2016. The stock had outperformed the market over the past one month till 12 September 2016, advancing 5.75% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 33.29% as against Sensex's 6.45% rise.

The small-cap company has equity capital of Rs 108.83 crore. Face value per share is Rs 10.

Gitanjali Gems is engaged in diamond cutting and polishing, and diamond and gold jewelry manufacturing.

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