Manoj Vaibhav Gems N Jewellers shares rise after Q2 results; stock up 70% from recent lows
Shares of MVGJL were listed in October 2023, when the company raised Rs 270.20 crore via its initial stake sale by offering its shares in the range of Rs 204-215 apiece.
- Nov 15, 2023,
- Updated Nov 15, 2023 3:38 PM IST
Shares of Manoj Vaibhav Gems N Jewellers Ltd (MVGJL) extended its gains on Wednesday and rose another 3 per cent to hit new highs after announcing its results for the quarter and half year ended on September 30, 2023. The gems and jewellery player debuted at Dalal Street in early October but has delivered a strong return to investors in just six weeks of its listing. Shares of MVGJL surged more than 3 per cent to Rs 342.55 on Wednesday as its market capitalization topped Rs 1,700 crore mark. However, the stock had settled at 332.35 in the previous trading session on Monday. The stock has surged about 70 per cent from its all-time low on listing day. Manoj Vaibhav Gems N Jewellers reported a net profit of Rs 22.16 crore for the quarter ended on September 30, 2022, up about 9 per cent on a year-on-year basis. The company had clocked a 15 per cent rise in the bottom-line on a quarter-on-quarter (QoQ) basis at Rs 19.24 crore in the June 2023 quarter. Shares of MVGJL were listed in October 2023, when the company raised Rs 270.20 crore via its initial stake sale by offering its shares in the range of Rs 204-215 apiece. The stock was listed at par, that means, at its issue price of Rs 215 but dropped at Rs 202.05 on October 5. The stock is up 60 per cent from the issue price. Its revenue from operations increased 11 per cent YoY and 22 per cent QoQ to Rs 619.22 crore in the second quarter of the ongoing financial year. Its operational income stood at Rs 555.87 crore in the September 2022 quarter and Rs 508.89 crore in the preceding June quarter. Manoj Vaibhav Gems 'N' Jewellers, also known as Vaibhav Jewellers, is a regional jewelry brand in South India. Incorporated in 2003, the company offers gold, silver, and diamond jewelry, precious gemstones, and other jewelry products through retail showrooms and online channels. Vaibhav Jewellers reported a 30 per cent YoY rise in the net profit to Rs 41.40 crore in the half year ended on September 30, 2023, compared to a bottomline of Rs 31.75 crore in the year ago period. Revenue from operations grew more than 10 per cent to Rs 1,128.12 crore Vaibhav Jewellers' caters to the economic segments of the micro markets of Andhra Pradesh and Telangana in both rural and urban areas. The company has 13 showrooms across 8 towns and 2 cities in Andhra Pradesh & Telangana.
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Shares of Manoj Vaibhav Gems N Jewellers Ltd (MVGJL) extended its gains on Wednesday and rose another 3 per cent to hit new highs after announcing its results for the quarter and half year ended on September 30, 2023. The gems and jewellery player debuted at Dalal Street in early October but has delivered a strong return to investors in just six weeks of its listing. Shares of MVGJL surged more than 3 per cent to Rs 342.55 on Wednesday as its market capitalization topped Rs 1,700 crore mark. However, the stock had settled at 332.35 in the previous trading session on Monday. The stock has surged about 70 per cent from its all-time low on listing day. Manoj Vaibhav Gems N Jewellers reported a net profit of Rs 22.16 crore for the quarter ended on September 30, 2022, up about 9 per cent on a year-on-year basis. The company had clocked a 15 per cent rise in the bottom-line on a quarter-on-quarter (QoQ) basis at Rs 19.24 crore in the June 2023 quarter. Shares of MVGJL were listed in October 2023, when the company raised Rs 270.20 crore via its initial stake sale by offering its shares in the range of Rs 204-215 apiece. The stock was listed at par, that means, at its issue price of Rs 215 but dropped at Rs 202.05 on October 5. The stock is up 60 per cent from the issue price. Its revenue from operations increased 11 per cent YoY and 22 per cent QoQ to Rs 619.22 crore in the second quarter of the ongoing financial year. Its operational income stood at Rs 555.87 crore in the September 2022 quarter and Rs 508.89 crore in the preceding June quarter. Manoj Vaibhav Gems 'N' Jewellers, also known as Vaibhav Jewellers, is a regional jewelry brand in South India. Incorporated in 2003, the company offers gold, silver, and diamond jewelry, precious gemstones, and other jewelry products through retail showrooms and online channels. Vaibhav Jewellers reported a 30 per cent YoY rise in the net profit to Rs 41.40 crore in the half year ended on September 30, 2023, compared to a bottomline of Rs 31.75 crore in the year ago period. Revenue from operations grew more than 10 per cent to Rs 1,128.12 crore Vaibhav Jewellers' caters to the economic segments of the micro markets of Andhra Pradesh and Telangana in both rural and urban areas. The company has 13 showrooms across 8 towns and 2 cities in Andhra Pradesh & Telangana.
Also read: Hot stocks on November 15: Suzlon Energy, YES Bank, Rajesh Exports, Kalyan Jewellers and more
Also read: Tata Technologies share trade 'suspended' in unlisted market ahead of IPO