Stocks of mid, small-sized jewellery cos shine; RBZ, Motisons zoom upto 20%

Senco Gold, too, hit a new high of Rs 840 as it zoomed 14 per cent on the back of over six-fold jump in its average trading volumes

Shares of mid and small-sized jewellery companies were on a roll Thursday as they rallied up to 20 per cent on the BSE in the intraday trade amid heavy volumes on strong demand.

Motisons Jewellers, RBZ Jewellers, Senco Gold, and Goblin India were up in the range of 10 per cent to 20 per cent. Except Senco Gold, the remaining three stocks were locked in their respective upper circuit limits on the BSE with no sellers being seen on these counters.

Among individual stocks, Senco Gold hit a new high of Rs 840 as it zoomed 14 per cent on the back of over six-fold jump in its average trading volumes. The company said it achieved its highest-ever December quarter (Q3) revenue with a secular trend across geographies and channels with around 24 per cent year-on-year (Y-o-Y) revenue growth in Q3 and 26 per cent Y-o-Y growth in 9 months period.

Despite rising Gold prices, the company said it achieved 9 per cent volume growth in Gold jewellery in Q3, and around 27 per cent volume growth in the Diamond jewellery, in line with past trends, indicating the attractive potential in its core markets.

Senco Gold is a pan-India jewellery retailer with a strong brand presence. The company has been growing steadily in recent years and is well-positioned to benefit from the growing demand for gold jewelry in India.

The market price of Senco Gold has more than doubled, zooming 165 per cent, from its issue price of Rs 317 per share. The company made its stock market debut on July 14, 2023.

Meanwhile, shares of RBZ Jewellers were locked in the 20 per cent upper circuit for a second straight day at Rs 211.05 on the BSE. In the past three days, the stock has rallied 51 per cent, while it has more than doubled against its issue price of Rs 100. The company made its stock market debut on December 27, 2023.

Shares of Motisons Jewellers, too, were locked in upper circuit for a 10th straight day, up 10 per cent at Rs 203.47 on the BSE. In the past three days, the stock has zoomed 58 per cent after the company's shares started trading in the 'rolling segment' from 'Trade for Trade segment' (T Group) with effect from Tuesday. The dealings in the equity shares of the company had shifted under B Group.

With today’s surge, Motisons share price has zoomed 270 per cent against its issue price of Rs 55 per share. The company made stock market debut on December 26, 2023.

Foreign portfolio investors (FPIs) held 7.46 per cent stake in Motisons Jewellers and they held 4.59 per cent holding in RBZ Jewellers, shareholding pattern data shows.

Furthermore, Kalyan Jewellers, in its Q3FY24 business update said, the recently concluded quarter has been a very satisfying one, having witnessed continued robust momentum in both footfalls and revenue across all our markets in India and the Middle East.

The company achieved this positive operating performance despite multiple headwinds during the quarter, such as extreme volatility in gold prices, earlier onset of "Shradh" days compared to the prior year, and flash floods in certain parts of Tamil Nadu which affected retail sales for almost a week.

Shares of Kalyan Jewellers gained 2 per cent to Rs 388 on the BSE in the intraday trade today. The stock had hit a record high of Rs 392.95 on Wednesday, January 10.