Gitanjali Gems touched its new 52-week high value at Rs67.70, up 13.47% on the NSE, after the company's net profit more than doubled amounting to Rs 57 crore for Q1FY17 mostly because of lower interest cost. The company primarily involved in diamond and jewellery business noted profit of Rs 20 crore in the same quarter last year. The trading volumes on the counter rose more than 10-fold with a combined 6.43 million shares exchanged hands on the BSE and NSE. There were pending buy orders for 1.57 million shares on both the exchanges.
On 15th September, Gitanjali Gems share price opened at Rs. 60 against its previous closing at Rs. 57.30, touching the day’s high at Rs. 67.70. Its opening value remained its day’s low, as of 11.50 AM. Even on 14th September, the stock traded on its new 52 week high value at Rs. 57.40. On two consecutive days that is on 14th and 15th the stock volume spurted by more than 4.78 times and 5.39 times.
Gitanjali Gems is one of the top 500 performing stocks for this quarter, recommended by Dynamic Levels among the 1700 stocks listed on NSE. The stock has strong fundamentals. The lower price band of the share is Rs. 45.45 and the upper price band is Rs. 68.15. The 52 week low is seen at Rs.30.10 on 1st March ‘16. The Average Daily Movement of the stock is 2.01 and its average volume for last 20 days is 623447. The stock yields 26.91% monthly returns and has the PE ratio of 4.69. The market cap of the company amounts to Rs. 623.62 (Cr) and has a book value of Rs. 391.47.
In order to acquire further details on the support and resistance refer to Gitanjali Gems share price forecast.
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