Gitanjali Gems has touched its new 52-week high of Rs 57.30 on the NSE, after the company unveiled its result for the quarter ended June 30th, 2016. The company reported the net profit more than doubled to Rs 57 crore for the first quarter of the financial year 2017, mainly due to the lower interest cost. The company engaged in diamond and jewellery business had declared the profit of Rs 20 crore in the corresponding quarter last financial year. Owing to the stellar quarter result, Gitanjali Gems share price hiked by 20% in the first half of the trading session today.
The company said that its total income from operations in Q1 had increased 30% to Rs 3,710 crore in Q1FY17 from Rs 2,845.10 crore in the year-ago period. However, the finance cost slipped to Rs 137 crore from Rs 194 crore.
The trading volumes on the counter jumped an over 10-fold with a total of 6.43 million shares change hands on the BSE and NSE till 11:09 am. There were pending buy orders for 1.57 million shares on both the trading windows.
Gitanjali Gems had traded on its 52-weeks low of Rs. 30.10 on 1st March 2016. The scrip traded on a new one-year high on 11th August 2016 previously. The company has the PE ratio of 3.91 and the market cap of Rs. 519.68 crores as on 14th September 2016. For details on the stock, visit Gitanjali Gems share price history page of Dynamic Levels website.
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