Tribhovandas Bhimji Zaveri makes dull debut on bourses

Shares of jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) on Wednesday made a weak debut on the bourses, listing at Rs 115 against the issue price of Rs 120 per share.

TBZ's shares listed at Rs 115, down 4.16 per cent against the issue price on the Bombay Stock Exchange. Similarly, on the National Stock Exchange, the stock debuted at Rs 115.05 as compared to the issue price.

As the trade progressed, the scrip saw some more selling pressure before closing the day at Rs 111.20 on BSE and Rs 111 on NSE.

TBZ plans to open nine new large-format high street showrooms in eight cities during 2012-13. It already has 14 showrooms in 10 cities across five states.

As part of its strategy, the company plans to open nine showrooms - one each in Aurangabad, Gandhidham, Hyderabad, Nagpur, Vadodara, Valsad, Visakhapatnam and two in Kolkata - for which it intends to deploy Rs 19.19 crore in this financial year.

The company manufactures and retails gold, diamond and platinum jewellery.

With PTI inputs