Large export order boosts Rajesh Exports

Rajesh Exports rose 2.38% to Rs 462.10 at 11:20 IST on BSE after the company said it has secured an export order worth Rs 929 crore of designer range of gold & diamond studded jewellery & medallions from UAE.

The announcement was made during market hours today, 29 December 2016.

Meanwhile, the S&P BSE Sensex was up 28.87 points or 0.11% at 26,239.55.

On the BSE, 36,000 shares were traded on the counter so far as against the average daily volumes of 71,253 shares in the past one quarter. The stock had hit a high of Rs 468.50 and a low of Rs 451.55 so far during the day.

The stock had hit a record high of Rs 745.50 on 18 February 2016 and a 52-week low of Rs 422.50 on 24 June 2016. It had underperformed the market over the past one month till 28 December 2016, declining 1.27% compared with the Sensex's 0.53% fall. The scrip had, however, outperformed the market in past one quarter, sliding 5.73% as against the Sensex's 7.36% decline.

The large-cap company has equity capital of Rs 29.53 crore. Face value per share is Rs 1.

The latest export order is to be completed by March 2017. The new order will be executed at the company's manufacturing facility at Bangalore which is the world's largest gold manufacturing facility with an installed capacity to process 250 tons of jewellery & gold products per annum.

Rajesh Exports is confident of completing the order in time. With this current order, the company's order book at the consolidated level stands at Rs 36523 crore which is to be executed by March 2017.

Rajesh Exports' consolidated net profit rose 10.7% to Rs 309.72 crore on 45.4% growth in net sales to Rs 64458.94 crore in Q2 September 2016 over Q2 September 2015.

Rajesh Exports is largest refiner of gold in the world. It processes 35% of gold produced in the world. It has a presence across the value chain of gold from mining till its own retail brand.

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