Rajesh Exports jumps after securing large order

Rajesh Exports surged 6.84% to Rs 192.05 at 14:17 IST on BSE after the company said it has bagged an export order worth Rs 1260 crore from A1 Jameelat Jewellery, UAE.

The announcement was made during market hours today, 7 July 2014.

Meanwhile, the S&P BSE Sensex was up 58.78 points or 0.23% at 26,020.84.

On BSE, so far 2.40 lakh shares were traded in the counter as against average daily volume of 1.46 lakh shares in the past two weeks.

The stock hit a high of Rs 201 and a low of Rs 178.10 so far during the day.

Rajesh Exports said it has bagged an export order worth Rs 1260 crore of designer range of gold and diamond studded jewellery and medallions from A1 Jameelat Jewellery, UAE. The order is to be completed by 30 September 2014. Execution of this order will significantly add to the bottom line of the company, Rajesh Exports said in a statement. This order will be executed at the company's manufacturing facility at Bangalore, Rajesh Exports said. The manufacturing facility has an installed capacity to process 250 tons of jewellery per annum. Rajesh Exports said it is confident of completing this order well within the time frame.

Rajesh Exports reported a net loss of Rs 71.12 crore in Q4 March 2014 as against net profit of Rs 110.93 crore in Q4 March 2013. Net sales declined 46.8% to Rs 6568.66 crore in Q4 March 2014 over Q4 March 2013.

Rajesh Exports manufactures gold jewellery. The company exports its products worldwide and distributes them within India to the wholesale jewellery market.

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