Gitanjali Gems rises on restructuring branded jewellery business

Gitanjali Gems Ltd. | Diamond & Jewellery | Consumer Durables | BSE: 532715 | NSE: GITANJALI

30 Sep 2011 Evaluate

Gitanjali Gems is currently trading at Rs 345.90, up by 1.40 points or 0.41% from its previous closing of Rs 344.50 on the BSE.

The scrip opened at Rs 345.10 and has touched a high and low of Rs 349.50 and Rs 342.00 respectively. So far 60800 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 395.00 on 12-Nov-2010 and a 52 week low of Rs 156.35 on 31-Jan-2011.

Last one week high and low of the scrip stood at Rs 359.75 and Rs 332.00 respectively. The current market cap of the company is Rs 2944.90 crore.

The promoters holding in the company stood at 54.96% while Institutions and Non-Institutions held 16.08% and 28.96% respectively.

Gitanjali Gems, in a bid to restructure its branded jewellery business has transferred its entire stake in six subsidiaries - Asmi Jewellery India, Brightest Circle Jewellery, D'Damas Jewellery (India), Gili India, Shubalananyaa Jewel Crafts and Spectrum Jewellery to Gitanjali Brands, a wholly owned subsidiary of the company. The company has taken restructuring exercise to consolidate and realign branded jewellery business.

The said transfer, which is a part of presently undergoing restructuring exercise is being advised by KPMG. Further it would help each brand business to have its own independent business model and at the same time it will enable to unlocking shareholder's value.

Gitanjali Group's has operational presence starting from sourcing of rough diamond, cutting, polishing and distributing, to jewellery manufacturing, which includes designing, mould making, wading, casting, sprue grinding, filing, polishing and setting. The company was first to offer diamond studded jewellery at reasonable prices.

Gitanjali Gems Share Price

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Peers

Company Name	CMP
Titan Co	4226.95
Kalyan Jewell.India	362.20
Rajesh Exports	104.65
Senco Gold	344.45
Thangamayil Jeweller	5522.20
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