Gitanjali Gems Ltd, which owns brands such as Asmi, D’damas, Nakshatra as well as Gili, plans to double the number of its retail stores in the Country as well as overseas from 5,000 to 10,000 in the next two years.
In the year 2011-12, gold and diamond accounted to about 60 per cent and 40 per cent, respectively, of Geetanjali’s revenue. By 2015-16, the contribution had reversed, with diamonds fetching 70 per cemt and gold 30 per cent.
Moreover, India, which accounted for a majority of its revenue at 65 per cent in 2011-12, now accounts for just 35 per cent. Exports accounted for 65 per cent of its revenue in 2015-16.
Since 2012-13, Gitanjali has lost 60.61 per cent of its market cap from Rs 5,453.96 crore on 5thMarch 2013 to Rs 333.43 crore on 5th April 2016. Its net profit declined from Rs 591.69 crore to Rs 133.24 crore and revenue dropped 5.21 per cent from Rs 16,418.50 crore to Rs 13,984.49 crore in fiscal 2016.
Post declaration of this growth plan, Gitanjali Gems share price zoomed more than 5 per cent in the day’s trade. The share price closed at Rs 64.50 apiece on NSE, up by 4.75 per cent.
The intraday high and the intraday low were Rs 66.20 and Rs 61.30 respectively. The share price opened at Rs 62.30 from a previous closing of Rs 61.10. A total of 34,44,687 shares of the Company have exchanged hands on the counter of NSE in today’s trading session aggregating to a total value of Rs 2,211.14 lacs.
The share touched a 52 week high of Rs 67.70 on 15th September 2016 and a 52 week low of Rs 30.10 on 1st March 2016. The Lower Price Band is 55.00 and the Upper Price Band is 67.20.
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