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Gitanjali Gems transfers its stake in 'Giantti Italia S.R.L to its subsidiary

17 Nov 2011 Evaluate

Gitanjali Gems, in line with the ongoing exercise of re-aligning and restructuring of international business of the company, has transferred its stake in 'Giantti Italia S.R.L.' to 'Leading Italian Jewels S.R.L.' a wholly owned subsidiary (WOS) of the company based in Milan, Italy.

The company has also transferred its stake In 'Leading Italian Jewels S.R.L.' to 'Aston Luxury Group', a Hong Kong based wholly owned subsidiary of the company. Recently, the company had received its board’s approval for restructuring its international businesses through its wholly owned overseas subsidiary(s).

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.

The company has reported a 65.25% rise in net profit at Rs 132.2 crore for the quarter ended September 2011 against Rs 80 crore in the same period a year ago. Total income rose by 26.24% to Rs 3,170 crore as against Rs 2,511 crore in September 2010.

Peers
Company Name CMP
Titan Co 4473.75
Kalyan Jewell.India 412.95
Rajesh Exports 121.75
Senco Gold 328.70
Thangamayil Jeweller 4208.80
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