Manoj Vaibhav Gems to launch new showroom in Andhra, stock rebounds from day's low

Shares of Manoj Vaibhav Gems N Jewellers Ltd rebounded from early cuts on Monday after the company announced plans to launch a new Showroom in Vizianagaram, Andhra Pradesh on Wednesday, March 20, 2023. The company informed about the same through an exchange filing during the session.

"We hereby inform that the company is going to launch a new showroom in the brand name of 'Vaibhav Jewellers' at Palakonda R&B Road, Saradhi Village, Rajam (Nagarpanchayat), Rajam (Mandalam), Vijayanagaram, Andhra Pradesh on March 20, 2024," said the exchange filing with the bourses.

Following the announcement, shares of Manoj Vaibhav Gems N Jewellers rebounded over 8 per cent during the trading session on Monday as the stock recovered to Rs 184 from its day's low at Rs 170. The company's total market capitalization stood marginally less than Rs 900 crore.

Shares of Manoj Vaibhav Gems 'N' Jewellers made its Dalal Street debut about six-months earlier on October 3, 2023, when the company raised a little more than Rs 270 crore via IPO by selling its shares for Rs 215 apiece. The stock is down about 15 per cent from its issue price.
 

Manoj Vaibhav Gems 'N' Jewellers is also known as Vaibhav Jewellers is a regional jewelry brand in South India. The company was incorporated in 2003 and offers gold, silver, and diamond jewelry, precious gemstones, and other jewelry products through retail showrooms as well as through its website.