 "Scrap jewellery sales decline by 50-60% in one month")
Gitanjali Gems has touched its 52-week high of Rs 57.40, up 20% on the BSE, after the company's net profit more than doubled to Rs 57 crore for the quarter ended June 30, 2016 (Q1FY17), mainly due to lower interest cost.
The company engaged in diamond and jewellery business had profit of Rs 20 crore in the year ago quarter.
Its total income from operations increased 30% to Rs 3,710 crore in Q1FY17 from Rs 2,845.10 crore in the year-ago period. The finance cost fell to Rs 137 crore from Rs 194 crore.
The trading volumes on the counter jumped an over 10-fold with a combined 6.43 million shares change hands on the BSE and NSE till 11:09 am. There were pending buy orders for 1.57 million shares on both the exchanges.
The company engaged in diamond and jewellery business had profit of Rs 20 crore in the year ago quarter.
Its total income from operations increased 30% to Rs 3,710 crore in Q1FY17 from Rs 2,845.10 crore in the year-ago period. The finance cost fell to Rs 137 crore from Rs 194 crore.
The trading volumes on the counter jumped an over 10-fold with a combined 6.43 million shares change hands on the BSE and NSE till 11:09 am. There were pending buy orders for 1.57 million shares on both the exchanges.
