Jewellery stocks in focus; thangamayil jewellery, tbz hit 52 week high (1)

Jewellery stocks in focus; Thangamayil Jewellery, TBZ hit 52-week high

STOCK MARKET - Shares of gems & jewellery companies moved higher by up to 20% on BSE after Thangamayil Jewellery posted a strong set of numbers for the quarter ended June, 2017 (Q1FY18).

Besides Thangamayil Jewellery, Tribhovandas Bhimji Zaveri (TBZ), Gitanjali Gems, Tara Jewels, Rajesh Exports and Renaissance Jewellery were also up between 2% and 7% on BSE. By comparison, the S&P BSE Sensex was up 0.38% or 123 points higher at 32,351 at 12:27 pm.

Thangamayil Jewellery hit a 52-week high of Rs 347, up 20% on BSE, after the company more than doubled its net profit at Rs 9.62 crore in Q1FY18, on the back of strong volume growth. It had profit of Rs 4.51 crore in the same quarter year ago.

Net sales of the company during quarter under review increased by 50% to Rs 434 crore against Rs 289 crore in the corresponding quarter of previous fiscal.

“Volume in gold ornaments products during the quarter rose 49% to 1,241 kgs as against 832 kgs in previous year quarter. Volumes in silver products increased 34% to 5.9 tonnes from 4.4 tonnes,” Thangamayil Jewellery said in a release.

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ARTICLE SOURCE – BUSINESS STANDARD