Jewellery stock hits all-time high ahead of Diwali; up 60% from 52-week low

Shares of Manoj Vaibhav Gems N Jewellers surged around 8 per cent today to hit a fresh 52-week high of Rs 322.10. With this, the company's market cap also topped the Rs 1,600 crore-mark.

Manoj Vaibhav Gems N Jewellers launched its IPO earlier this year. The stock of the regional jewellery brand was listed on the BSE at its issue price of Rs 215. It was listed at a similar price on the National Stock Exchange (NSE).

The stock made an all-time low of Rs 202 within days of listing in October. Considering today's price, the stock has jumped 60 per cent from the low.

During Thursday's trading session, the stock was in a momentum on heavy buying ahead of Dhanteras and Diwali. The market is expecting that the company will attract higher business volume. The stock closed with gains of 4.59 per cent at Rs 312.

Meanwhile, the company said that its board is scheduled to meet on November 14 to consider and approve results for the quarter and half year ended on September 30, 2023.

Andhra Pradesh-based Manoj Vaibhav Gems N Jewellers deals in gold, silver, and diamond jewellery, and related products such as precious gemstones, through online and offline modes. Its IPO was subscribed 2.25 times.

Earlier, the company said that it would utilise the proceeds to finance the establishment of the proposed 8 new showrooms and other corporate activities.

The company, a regional jewellery brand in South India, has a presence in Andhra Pradesh and Telangana with 13 showrooms across eight towns and two cities.