This jewellery stock hit record high on plans to mull fundraise on Sept 26

Thangamayil Jewellery hit all-time high: Shares of Thangamayil Jewellery soared as much as 4.94 per cent to hit a fresh record high of Rs 2,451.15 per share on Tuesday, September 24, 2024.

The uptick in share price came after the company announced that its board will meet on September 26 to consider the proposal for raising of funds by issuance of equity shares or convertible bonds or debentures or any other securities, through permissible mode.

In an exchange filing, the company said, “A meeting of the Board of Directors of the Company is scheduled to be held on Thursday, September 26, 2024, at our corporate office of the Company at 25/6, Palami centre, New Natham Road, Madurai – 625014 to consider the proposal for raising of funds by issuance of equity shares or convertible bonds or debentures or any other securities, through permissible modes including but not limited to a rights issue, preferential issue or qualified institutions placement, as may be permitted under applicable law and subject to any regulatory/ statutory approvals, as may be required.”

Thangamayil Jewellery is a key player in the retail jewellery sector in Tamil Nadu, a region that accounts for 40 per cent of India’s total gold consumption. 

The company operates a network of 54 retail stores, primarily focused on gold jewellery, which constitutes over 90 per cent of its revenue. 

It offers a diverse product mix that includes gold, silver, diamonds, and platinum, while also providing unique designer pieces crafted by in-house goldsmiths in its four manufacturing units.

With a strong market presence in tier-II and tier-III cities, Thangamayil Jewellery has established itself as a leader in key markets like Madurai. 

The company has achieved high operational efficiency, with utilisation rates of around 92 per cent in its manufacturing facilities. 

The market capitalisation of the Thangamayil Jewellery is Rs 6,394.01 crore, according to BSE.

At 12:30 PM, shares of Thangamayil Jewellery were trading 0.23 per cent lower at Rs 2,330.25 per share. In comparison, BSE Sensex was trading 0.03 per cent lower at 84,904.45 levels.