Gujarat Toolroom shares hit upper circuit for 5th session; company to enter Dubai market
Shares of Gujarat Toolroom hit an upper circuit of 5 per cent to Rs 19.70, its new 52-week high. The stock has hit upper circuit for straight fifth session in a row.
- Sep 25, 2023,
- Updated Sep 25, 2023 4:18 PM IST
Shares of Gujarat Toolroom hit their upper circuit on Monday after the company board approved to enter the new market of Dubai by setting up a new subsidiary and making fresh investment in the company. The company shared the same through an exchange filing on Friday. The company board of Gujarat Toolroom has approved to explore the new market of Dubai in the sector of precious diamond, stones, gold dore bar and jewellery, by setting up a new wholly owned subsidiary of the company, said the company in the exchange filing. The company will invest Rs 50 crore in two trenches in its wholly-owned subsidiary, of which Rs 25 crore will be invested by March 2024. Remaining half will be paid in March 2025, the company said in the exchange filing. Following the update, shares of Gujarat Toolroom hit an upper circuit of 5 per cent to Rs 19.70, its new 52-week high. The stock had settled at Rs 18.77 in the previous trading session. The multibagger smallcap stock has hit upper circuit for straight fifth session in a row. The stock has surged about 740 per cent from its 52-week low at Rs 2.35 apiece, hit a year ago. The stock has rallied about 55 per cent in the month of September so far, while the stock has more than doubled investors' wealth in the last six-month period. Gujarat Toolroom, Incorporated in 1983, used to manufacture high precision mould.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Shares of Gujarat Toolroom hit their upper circuit on Monday after the company board approved to enter the new market of Dubai by setting up a new subsidiary and making fresh investment in the company. The company shared the same through an exchange filing on Friday. The company board of Gujarat Toolroom has approved to explore the new market of Dubai in the sector of precious diamond, stones, gold dore bar and jewellery, by setting up a new wholly owned subsidiary of the company, said the company in the exchange filing. The company will invest Rs 50 crore in two trenches in its wholly-owned subsidiary, of which Rs 25 crore will be invested by March 2024. Remaining half will be paid in March 2025, the company said in the exchange filing. Following the update, shares of Gujarat Toolroom hit an upper circuit of 5 per cent to Rs 19.70, its new 52-week high. The stock had settled at Rs 18.77 in the previous trading session. The multibagger smallcap stock has hit upper circuit for straight fifth session in a row. The stock has surged about 740 per cent from its 52-week low at Rs 2.35 apiece, hit a year ago. The stock has rallied about 55 per cent in the month of September so far, while the stock has more than doubled investors' wealth in the last six-month period. Gujarat Toolroom, Incorporated in 1983, used to manufacture high precision mould.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.