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Gitanjali Gems surges on plan to expand footprint in the Gulf region

10 Sep 2013 Evaluate

Gitanjali Gems is currently trading at Rs 73.65, up by 2.35 points or 3.30% from its previous closing of Rs 71.30 on the BSE.

The scrip opened at Rs 74.50 and has touched a high and low of Rs 74.50 and Rs. 72.70 respectively. So far 59021 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 649.50 on 23-Apr-2013 and a 52 week low of Rs 56.50 on 12-Aug-2013.

Last one week high and low of the scrip stood at Rs 76.00 and Rs 67.80 respectively. The current market cap of the company is Rs 656.43 crore.

The promoters holding in the company stood at 55.02% while Institutions and Non-Institutions held 27.42% and 17.56% respectively.

Gitanjali Gems is planning to expand its footprint in the Gulf region opening seven more stores in Dubai alone over the next seven-eight months. The company already has 10 shop-in-shops in the city, being run under the Paris Gallery brand. As part of the Dubai expansion plan, the company will be hiring nearly 40 people.

The cash-strapped jewellery and diamond major is already present in leading global markets like the US, Japan, China and the UAE among others and already garner over 40% of its revenue from overseas markets.

Gitanjali Group is a 52-year-old company having stores outside the country including USA. It is only in the last few years that it is concentrating on retail markets to boost revenue. Gitanjali Jewels owns brands like Asmi, Diya, Gili, Nakshatra, Sangini and Parineeta.

Peers
Company Name CMP
Tital Company 4289.65
Kalyan Jewell.India 377.60
Rajesh Exports 97.75
Senco Gold 323.05
Thangamayil Jeweller 5599.95
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