Multibagger stock: Why TBZ shares are locked at 20% upper circuit

Shares of Tribhovandas Bhimji Zaveri (TBZ) surged 20 per cent on Monday to hit the upper circuit and also a new 52-week high after GRT Jewellers India Pvt Ltd announced a share purchase agreement (SPA) to acquire a 74.12 per cent stake in the company.

 

The stock opened flat at ₹305.75 on the NSE but soon attracted strong buying interest, rallying 20 per cent to hit the day's upper price band of ₹366.50.

 

The stock was also among the most actively traded equities on the NSE.

 

Tribhovandas Bhimji Zaveri is a jewellery retailer. The company commanded a market capitalisation of ₹2,447.68 crore, according to NSE data. 

 

 

According to NSE data, Tribhovandas Bhimji Zaveri shares have surged 33 per cent over the past month and more than doubled investors’ money in 2026 so far, gaining 123 per cent. In comparison, the benchmark Nifty 50 has declined 1.1 per cent and 7.7 per cent, respectively, during the same timeframe.

 

GRT Jewellers to acquire TBZ According to an exchange filing, GRT Jewellers, a leading jewellery retail company, has signed a share purchase agreement (SPA) with the promoters of Tribhovandas Bhimji Zaveri to acquire their stake of 74.12 per cent in the company.

 

As per the SPA, GRT would acquire the promoter’s stake for an aggregate value of up to ₹1,033.71 crore.

 

GRT will also be launching an open offer for another 26 per cent. As per the filing, GRT Jewellers will acquire up to 1,72,70,845 fully paid-up equity shares of face value of ₹10 each from the public shareholders of Tribhovandas Bhimji Zaveri, representing 25.88 per cent of the voting share capital at a price of ₹249.61 per share (offer price), aggregating to total consideration of up to ₹4,31,09,75,621 in cash.

 

"We are truly excited to acquire the 162-year-old legacy brand TBZ. This fits very well into our Strategy of spreading our presence across India, with TBZ having 37 Stores. We are committed to creating value for all Stakeholders, our Customers, Shareholders, Employees, Vendors, Bankers and other Associates in the years to come," GR Ananth, MD, GRT Jewellers, said.

 

TBZ stock: Analyst against fresh buying

 

 Harish Jujarey, AVP, head - technical equity research, Prithvi Finmart, said that TBZ stock has been in a strong uptrend and has more than tripled from its low of around ₹110. In today’s session, the stock surged 20 per cent and hit a fresh all-time high of 366.50.

 

The breakout above its previous high indicates strong momentum and could open the door for another leg of the rally in the long term. However, the sharp recent rise has pushed momentum indicators into the overbought zone on both the daily and weekly charts.

 

Investors who are already holding the stock may consider partial profit booking and hold the remaining positions, he said and recommended avoiding fresh buying at the current levels. "Any dip towards ₹330 zone could offer a better opportunity for accumulation."  

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