Gitanjali shines bright on US buyout

DALAL STREET SPIKES

Gitanjali Gems rose 3.46 per cent to Rs 221.35 underlined by growth in volumes of 27.3 lakh shares as it announced its acquisition of majority ownership in US-based Samuels Jewelers Inc.

Samuels, which is the tenth largest specialty retailer of fine jewellery in the United States, would fit well in the company's overall strategy of expanding its presence overseas.

Domestically too, the company is proceeding with its plans for a sector-specific special economic zone (SEZ) for gems and jewellery at Panvel in Maharashtra.

Gitanjali which owns the well known brands "� D'damas, Nakshatra, Sangini and Asmi"� has in recent times embarked on major plans of expansion and acquisition.