Strong rally in Renaissance Jewellery halts on profit taking

Renaissance Jewellery fell 3.38% to Rs 226 at 11:22 IST on BSE, with the stock sliding on profit booking after an 8-day 37.83% rally.

Meanwhile, the S&P BSE Sensex was down 259.33 points or 0.77% at 33,343.43.

On the BSE, 6,820 shares were traded on the counter so far as against the average daily volumes of 3,870 shares in the past one quarter. The stock had hit a high of Rs 230 and a low of Rs 221.65 so far during the day. The stock had hit a record high of Rs 242.20 yesterday, 29 November 2017 and a 52-week low of Rs 124.50 on 26 December 2016.

Shares of Renaissance Jewellery had rallied 37.83% in the preceding eight trading sessions to settle at Rs 233.90 yesterday, 29 November 2017, from its closing of Rs 169.70 on 17 November 2017.

On a consolidated basis, Renaissance Jewellery's net profit rose 52.5% to Rs 8.89 crore on 37.9% growth in net sales to Rs 376.95 crore in Q1 June 2017 over Q1 June 2016. The company scheduled a board meeting on 14 December 2017, to announce Q2 September 2017 results.

Renaissance Jewellery designs, manufactures and sells jewellery in gold, silver, platinum, studded with polished diamonds, semi precious and precious stones over a myriad product portfolio as rings, earrings, pendants, bracelets, necklaces, bangles, money clips, tie pins, cuff links, etc.

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