This recently debutant rises 42% in four sessions; here's what pushing the stock higher

Shares of Manoj Vaibhav Gems N Jewellers Ltd (MVGJL) surged during the trading session on Thursday as the company announced the opening of its third showroom. The recently-listed jewellery company informed about the same through another exchange filing during the session.

"The Company is going to launch a new Jewellery Store in the brand name of 'Vaibhav Jewellers' at Ganga Reddy Road, Mancherial, Telangana on March 24, 2024," said MVGJL in an exchange filing. A day earlier, it had opened a new jewellery store in Vijayanagaram, Andhra Pradesh.

With the latest addition of March 24, the total number of stores shall stand at 15, including two franchise stores. On Wednesday, the company launched a new showroom in the brand name of 'Vaibhav Jewellers' in Rajam (Mandalam), Vijayanagaram, Andhra Pradesh, on March 20, 2024, the comapny in separate exchange filings with the exchanges.

Following the announcement, shares of Manoj Vaibhav Gems N Jewellers surged more than 4 per cent to Rs 241.20, commanding a total market capitalization of more than Rs 1,150 crore. The scrip had settled at Rs 231.90 in the previous trading session. The stock had surged about 42 per cent in the four sessions, after hitting a 52-week low at Rs 170 on Monday, March 18.

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 slightly below its given 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.