Jewellery Stock Manoj Vaibhav Gems Touched 52W-High On Diwali Festival

Shares of Manoj Vaibhav Gems N Jewellers Ltd (MVGJL) on Thursday made a new lifetime high ahead of Diwali.

The stock surged more than 8 per cent to Rs 322.10 today. Also, the company's market capitalization topped the Rs 1,600 crore mark.

However, the company's stock finally settled at Rs 312.40 due to profit booking. Today's closing price is about 5 per cent higher than its previous close.

Manoj Vaibhav Gems N Jewellers shares were listed in October 2023 on the bourses. The company raised Rs 270.20 crore via its IPO in the range of Rs 204-215 apiece. The IPO was a fresh issue of up to Rs 210 crore and an offer for sale of up to 28,00,000 shares.

Manoj Vaibhav Gems N Jewellers is also known as Vaibhav Jewellers. Its stock dropped to an all-time low of Rs 202.05 on October 5.

Incorporated in 2003, the company is popular in the southern states. The regional jewellery brand has its presence in Andhra Pradesh and Telangana with 13 showrooms across eight towns and two cities.

The company had earlier said that funds raised via IPO would be utilised for opening eight new showrooms, inventory for new stores and general corporate purposes.