Multibagger stock to enter into new business segments, scrip hits upper circuit
With a market valuation of ₹108.32 Cr, Gautam Gems Ltd. is a small-cap company that operates in the consumer discretionary industry. The company manufactures, exports, and imports rough and polished diamonds. The company’s registered office and corporate headquarters are in Surat, India’s diamond capital. The business has declared its intention to venture into a new product.
On Friday, the company said in a stock exchange filing that “As we know India has a massive demand for energy to fuel its rapidly growing economy. Today, we are a power surplus nation with a total installed electricity capacity of over Four lakh MW. Keeping in mind the sustainable development goals, our Company has decided to expand its business by entering into a new segment of renewable energy consisting of windmill and solar energy along with its existing business (Gems and Jewellery).”
The Board of Directors of the company further informed stock exchanges by saying that “As our Company envisages for a greater and brighter future in the energy segment, Company intends to add a new segment of business in Renewable Energy Sector consisting of Windmill and Solar Energy considering the present and future prospect in the Energy Segment.”
Gautam Gems also informed stock exchanges on the same day that “the Board of Directors of the Company will be held on Wednesday, 11th January, 2023 at 03:00 P.M. at the registered office of the Company to transact the following business. 1. To consider and approve the Un-Audited Financial Results of the Company for the quarter ended 31st December, 2022. 2. To transact any other matter with prior approval of Chairman.”
On Friday the shares of Gautam Gems Ltd closed at an upper circuit limit of ₹21.52 apiece level, up by 4.98% from the previous close of ₹20.50. In contrast to the 20-Day average volume of 339,641 shares, the stock recorded a total volume of 755,140 shares at the new 52-week high level on the closing price of the stock. The stock has gained 35% over the past year, and during the past six months, it has delivered a multibagger return of 135.96%. The stock had touched a 52-week-low of ₹7.53 on (26/07/2022), indicating that at the current market price the stock is trading 185.79% above the 1 year low. For the quarter ended September or Q2FY23, the company posted a promoter shareholding of 21.41% and a public stake of 78.59%.
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