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Shree Ganesh Jewellery surges on plans to issue 1 crore equity shares to promoters

08 Feb 2013 Evaluate

Shree Ganesh Jewellery is currently trading at Rs. 116.35, up by 2.15 points or 1.88% from its previous closing of Rs. 114.20 on the BSE.

The scrip opened at Rs. 115.65 and has touched a high and low of Rs. 123.80 and Rs. 115.65 respectively. So far 59371 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 139.50 on 09-Jan-2013 and a 52 week low of Rs. 65.20 on 07-May-2012.

Last one week high and low of the scrip stood at Rs. 115.85 and Rs. 110.00 respectively. The current market cap of the company is Rs. 706.95 crore.

The promoters holding in the company stood at 70.66% while Institutions and Non-Institutions held 14.73% and 14.61% respectively. 

Shree Ganesh Jewellery House would be issuing 1 crore equity shares of Rs 10 each on preferential basis to promoters at a price of Rs 150 a share. The company plans to utilize these funds to enhance the long-term financial resources of the company, which will enable it to improve its operating performance. The proceeds will also be utilized for making investment in shares and securities, providing loan and advances and for repayment of borrowings. The company has already sought shareholders’ nod for increasing the authorised share capital to around Rs 195 crore from Rs 150 crore.

Shree Ganesh Jewellery House is one of the largest manufacturers and exporters of handcrafted gold jewellery in India. Its  products include handcrafted and hallmarked gold jewellery, gold enameled jewellery and gold jewellery studded with precious stones such as diamonds, rubies, emeralds, sapphires, pearls, etc. and semi-precious stones such as garnet, cubic zirconium, etc.

Peers
Company Name CMP
Titan Co 4512.90
Kalyan Jewell.India 417.30
Rajesh Exports 121.98
Senco Gold 324.10
Thangamayil Jeweller 4129.85
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