Gitanjali Gems strengthens on fund raising plan

Gitanjali Gems rose 1% to Rs 71.90 at 13:55 IST on BSE after the company said that its board of directors will meet on 28 September 2017 to consider and approve issue of fully convertible debentures to HT Media on preferential basis.

The announcement was made after market hours yesterday, 21 September 2017. The stock had gained 4.71% to Rs 71.20 yesterday, 21 September 2017, ahead of the announcement.

Meanwhile, the S&P BSE Sensex was down 333.40 points, or 1.03% to 32,036.64. The S&P BSE Small-Cap index was down 309.10 points, or 1.84% to 16,475.72.

On the BSE, 1.62 lakh shares were traded in the counter so far, compared with average daily volumes of 1.23 lakh shares in the past one quarter. The stock had hit a high of Rs 72.95 and a low of Rs 70.60 so far during the day. The stock had hit a 52-week high of Rs 93.60 on 10 October 2016. The stock had hit a 52-week low of Rs 48.70 on 21 November 2016.

The stock had outperformed the market over the past one month till 21 September 2017, gaining 16.43% compared with the 3.55% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 8.04% as against Sensex's 3.47% gains. The stock had, however, underperformed the market over the past one year, rising 10.47% compared with the 13.55% gains in the Sensex.

The small-cap company has equity capital of Rs 118.62 crore. Face value per share is Rs 10.

Gitanjali Gems' consolidated net profit rose 21.9% to Rs 69.47 crore on 51.2% rise in net sales to Rs 5611.07 crore in Q1 June 2017 over Q1 June 2016.

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

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