Kanani Industries shares hit 5% upper circuit on export order

Shares of Kanani Industries hit an upper circuit during the early trading session on Wednesday after the company bagged an export order from international clients. The company informed about the same through an exchange filing after the market trading hours on Tuesday.

Kanani Industries has received export orders worth Rs 200 million from international clients pertaining to manufacturing of Jewelry, said the company in the exchange filing. These orders will be fulfilled in its in- house, backward-integrated manufacturing facility in a period of 6 months, which will enhance the company's profit margins, it added.

Following the announcement, shares of Kanani Industries hit an upper circuit of 5 per cent to Rs 8.71 apiece on Wednesday. However, the stock saw some profit booking to slip lower to Rs 8.67. However, it had settled at Rs 8.30 in the previous trading session on Tuesday.

Shares of Kanani Industries have delivered a return of more than 20 per cent in the last one month, while the stock has gained about 30 per cent in the last six months period. However, it has been largely flat, falling about 4 per cent in the year 2023 so far.

Kanani Industries is a manufacturer and exporter in the jewelry and gem industry, with a history spanning more than a decade. The company is also actively engaged in the production and marketing of diamond studded jewelry to a global clientele. It manufactures for various global retailers, department stores, and wholesalers operating across prominent international markets.

Also read: Tata Tech IPO: Tata Motors shareholders to get 10% reservation; co filed addendum to DRHP

Also read: Union Bank shares up 65% in 6 months. Emkay Global's target price suggests 15% potential downside