This jewellery stock surged over 6% after rise in gold prices - Do you own it?

Manoj Vaibhav Gems N Jewellers share price NSE, BSE: Shares of Manoj Vaibhav Gems N Jewellers Ltd (MVGJL) surged over 6.82 on Friday to trade at Rs 362.10 in the early trade. The surge in stock price comes after a five-day rally that pushed the gold prices close to an all-time high. Last seen, the counter was trading at Rs 355.30. 

Shares of Manoj Vaibhav Gems N Jewellers were listed in October 2023. The stock was listed at par, i.e. at its issue price of Rs 215 but dropped to Rs 202.05 on October 5. 

From its all-time lows, the stock has gained about 79 per cent, while it is up over 68 per cent from its issue price of Rs 215.

Meanwhile, domestic yellow metal futures traded flat with a positive bias on Friday. Last seen, MCX gold futures (Dec 5) were flat at Rs 62,672 per 10 grams at the last count, having traded between Rs 62,596 and Rs 62,786 earlier in the day. Silver futures (Dec 5) were up by 0.13 per cent or Rs 100 at Rs 77,615 per kg.

Earlier, Gems and jewellery company Manoj Vaiibhav Gems N Jewellers reported a net profit of Rs 22.1 crore in the quarter that ended on September 30, 2023.

The company had clocked a net profit of Rs 20.04 crore in the year-ago period and Rs 19.2 crore in the preceding quarter.

The company said that its total income came in at a little over Rs 620 crore in the quarter as against Rs 556.7 crore reported in the same period of the last financial year.

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