Rajesh Exports shares up 2% as co buys Swiss firm Valcambi

Shares of Rajesh Exports rose by 2 per cent today as the jewellery firm fully acquired Switzerland-headquartered gold refinery Valcambi for USD 400 million (about Rs 2,560 crore) in an all-cash deal.
The stock ended the day at Rs 540.10, up 2.09 per cent, on the BSE. During the day, it rose by 3.95 per cent to Rs 549.95 -- its 52-week high.
At the NSE, shares of the company gained 1.57 per cent to close at Rs 540.85.
On the volume front, 5.25 lakh shares of the company changed hands at the BSE and over 19 lakh shares were traded at the NSE during the day.

"Acquiring Valcambi gold refinery is our first step towards venturing into mining. We are hoping to venture into gold mining in the next 2-3 years time," said Rajesh Exports Managing Director Prashant Mehta.
The company is also planning to expand its refinery at Rudrapur, Uttarakhand with technology from Valcambi, he added.
Valcambi was owned by Newmont Mining Corporation and a group of Swiss investors.