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Gitanjali Gems firms up after RBI’s hikes export credit refinance limit

18 Jun 2012 Evaluate

Gitanjali Gems, which has 100% export-oriented unit located at Borivli, Mumbai, Gitanjali Creations, was seen on rising trajectory after Reserve Bank, to further augment liquidity and encourage banks to increase credit flow to the export sector, increased the limit of export credit refinance from 15% of outstanding export credit of banks to 50% in its mid-quarter monetary policy review. A move, which will potentially release additionally liquidity of over Rs 300 billion, equivalent to about 50 basis points reduction in the Cash Reserve Ratio (CRR).

Gitanjali Gems is currently trading at Rs 302.90, up by 1.60 points or 0.53% from its previous closing of Rs 301.30 on the BSE.

The scrip opened at Rs 303.00 and has touched a high and low of Rs 305.90 and Rs 302.90 respectively. So far 411594 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 443.40 on 13-Mar-2012 and a 52 week low of Rs 265.00 on 20-Jun-2011.

Last one week high and low of the scrip stood at Rs 305.90 and Rs 301.00 respectively. The current market cap of the company is Rs 2760.09 crore.

The promoters holding in the company stood at 55.13% while Institutions and Non-Institutions held 19.51% and 25.36% respectively.

Peers
Company Name CMP
Titan Co 4385.95
Kalyan Jewell.India 412.55
Rajesh Exports 120.00
Senco Gold 313.20
Thangamayil Jeweller 3965.15
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