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Jewellery and jewellery industry related stocks sizzled in the markets on Tuesday with six of them hitting fresh 52-week high, retaining the Diwali sparkle much after the festival.
Investors’ interest towards jewellery stocks should augur well for Tara Jewels, whose public issue would hit the markets tomorrow at a hefty premium.
Gitanjali Gems Ltd, Goenka Diamond and Jewels Ltd, Tribhovandas Bhimji Zaveri Ltd (TBZ), Thangamayil Jewellery Ltd, Titan Industries Ltd that owns Tanishq brand and Vaibhav Gems Ltd sparkled on the NSE on the day reaching new 52-week highs.
What was significant was that many of them were multi-baggers in that they had appreciated even up to three or four times in less than a year. The trading volume in these counters also was very high.
Gitanjali Gems touched a new high of Rs 450 before easing to Rs 445 at the close, a gain of Rs 15. This stock had recovered to its current levels from the 52-week low of Rs 250.95 it had touched on January 25.
TBZ ended the day at Rs 267.20, its fresh 52-week high in the exchange. Interestingly, the stock value has trebled in just three months — from its 52-week low of Rs 88 on August 16 to Rs 267.20 on the day. Thangamayil Jewellery Ltd touched a new 52-week high of Rs 338.80 before dipping to Rs 322.75, a gain of Rs 15, at the close. Titan shares hit Rs 292.90 (face value Re 1), a new 52-week high, before ending the day marginally down at Rs 289.40. The trading volume was 9.68 lakh shares.
In terms of value appreciation, Vaibhav Gems and Goenka Diamond and Jewels Ltd turned out to be star performers in the sector over the past year. Vaibhav Gems touched a yearly high of Rs 111.95The stock has appreciated by more than 400 per cent after touching a 52-week low of Rs 24.30 on December 21 last year. Goenka Diamond and Jewels closed at Rs 30.20 (face value Re 1) after touching a 52-week high of Rs 30.95 on the day. The stock had metamorphosed from adjusted 52-week low of Rs 2.85 (December 22, 2011) to touch Rs 30.95, a 1,000 per cent appreciation in just 11 months.
>yegya.narayanan@thehindu.co.in
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