Goldiam Intl hits record high ahead of buyback meet

Goldiam International jumped 7.64% to Rs 927.05, extending its winning run to fourth consecutive trading session.

Shares of Goldiam International have rallied 28.79% in four trading sessions from its previous closing low of Rs 719.8 on 3 September 2021. The counter hit a record high of Rs 947 in intraday today. The stock has zoomed 717% from its 52-week low of Rs 113.40 recorded on 9 September 2020.

The stock outperformed the market over the past one month, rising 23.27% compared with 7.07% rise in the Sensex.

On the BSE, 55,156 shares were traded in the counter so far compared with average daily volumes of 16,255 shares in the past two weeks.

The company on 30 August announced that its board will meet on 13 September 2021 to consider share buyback.

On the technical front, the stock's RSI (relative strength index) stood at 79.648. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 639.80 and 524.62 respectively. These levels will act as crucial support zones in near term.

Goldiam International is an exporter of diamond jewellery. The company's consolidated net profit surged to Rs 23.63 crore in Q1 FY22 from Rs 2.16 crore in Q1 FY21. Net sales increased to Rs 150.90 crore in the first quarter from Rs 32.86 crore reported in the same period last year.

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