Shares of this Jewellery stock in the portfolio of two celebrity investors, i.e., Mr. Vijay Kedia as well as Mr. Ashish Kacholia, gained up to 5 percent on Tuesday after the company reported financial results for Q2FY24.
With a market capitalization of Rs 6,868.80 crores, the stocks of Vaibhav Global Limited opened their trading hour on Tuesday at Rs 420 and currently trades at Rs 416. The company’s scrip witnessed an intra-day high of Rs 425.20 indicating a gain of around 5 percent as compared to the previous close of Rs 405.90 apiece.
Such positive stock price movements were observed after the company, through a regulatory filing with the BSE dated 30th October 2023, announced the financial results for the quarter ended September 2023.
The company, on a QoQ basis, reported an increase in the basic business parameters such as the operating revenues and after-tax profits with the former moving up from Rs 658 crores during Q1FY23-24 to Rs 705 crores during Q2FY23-24, and, the latter, during the same period, staying uniform at Rs 30 crores.
In addition to the above, the company, yearly as well, has performed well as far as the growth in the abovementioned metrics is concerned.
The operating revenues increased from Rs 646 crores during Q2FY22-23 to Rs 705 crores during Q2FY23-24, and, the net profits, keeping the timeframe the same, moved up from Rs 23 crores to Rs 30 crores representing an increase of approximately 25 percent.
Moreover, the company declared a second interim dividend for FY23-24 of Rs 1.50 per equity share, viz, a 75 percent payout as compared to the Face Value of Rs 2 per equity share. The record date for the same is fixed as 7th November 2023.
Two of the well-known ace investors based in India, viz, Mr. Vijay Kedia and Mr. Ashish Kacholia, invested in the shares of Vaibhav Global Limited way back in 2017.
As per the September 2023 holding data, Mr. Vijay Kedia holds 32.75 lakh equity shares equating to a 1.98 percent stake, and, Mr. Ashish Kacholia holds 20 lakh equity shares equating to a 1.21 percent stake in the company.
The latest shareholding data of the company, as per the September 2023 quarter, portrays the Promoters holding a 57.13 percent stake, and the Foreign Institutional Investors (FIIs) holding a considerable stake of 22.66 percent in the company.
Vaibhav Global Limited is engaged in the business of manufacturing, selling, and exporting jewellery products which include precious stones, coloured gemstones, and studded jewellery. The company’s geographical segments include India and other countries across borders such as the United Kingdom, the United States of America, etc.
Written by Amit Madnani
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