The shares of this company engaged in manufacturing and trading Diamonds hit a 2 percent upper circuit limit of Rs.114.88 per share after entering into a strategic alliance with Parasamani Inc. to enter the Canadian diamond market.
Price Movement
In Monday’s trading session, the share price of Mini Diamonds India Limited reached an upper price band of Rs.114.88 per share, marking a 2 percent increase from its previous close of Rs.112.63 apiece. Over the past five years, the share has delivered impressive returns of nearly 3,000 percent.
What is the news
Mini Diamonds India Ltd (MDIL) has formed a strategic business alliance with Parasamani Inc., a jewelry company based in Toronto, Canada. This partnership marks a major step in MDIL’s global expansion efforts and strengthens its role as a leader in the lab-grown diamond jewelry sector.
Parasamani Inc., a seasoned player in the Canadian wholesale jewelry market, will promote and distribute Mini Diamonds India Ltd’s (MDIL) lab-grown diamond jewelry across Canada.
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Leveraging Parasamani’s extensive network and market insights, MDIL aims to enhance its sales and cater to local preferences with a diverse range of high-quality, sustainable pieces. This partnership will help MDIL gain a strong foothold in the Canadian market.
Management’s comment
Shri Upendra N. Shah, Chairman and Managing Director of Mini Diamonds commented on the strategic alliance, “This partnership allows MDIL to capitalize on the growing demand for lab-grown diamonds in Canada, as more consumers become conscious of ethical and environmentally friendly alternatives to mined diamonds.
Parasamani will play a crucial role in helping MDIL cater to this demand by positioning its products in key retail outlets, offering Canadian consumers a luxurious yet eco-conscious option for their jewelry purchases.”
Export Market
Mini Diamonds exports its products to a diverse range of international markets, including the USA, Malaysia, Belgium, Germany, Hong Kong, Thailand, Dubai, Canada, and Israel.
Shareholding Pattern
The promoters of Mini Diamonds hold a 33.87 percent stake in the company, while public investors own the majority share, with 66.14 percent.
Financial Overview
Turning towards the financials of the company, for the quarter ending June 2024, Mini Diamonds reported consolidated revenue from operations of Rs.89.13 crore, up 266.5
percent from Rs.24.32 crore in the same quarter the previous year. This represented a quarterly increase of 5.2 percent from Rs.84.7 crore in Q4 FY24.
Regarding net profit, the company achieved Rs.1.84 crore in Q1 FY25, an increase of 1214.3 percent compared to Rs.0.14 crore in the same period last year. Quarterly, profits rose 37.3 percent from Rs.1.34 crore in Q4 FY24.
Company Profile
Mini Diamonds India Ltd (MDIL), established in 1987, specializes in the manufacturing, importing, exporting, and trading of both natural and lab-grown diamonds. With over three decades of experience, the company is committed to quality and ethical sourcing, aiming to lead in the diamond commerce sector.
MDIL operates a sophisticated manufacturing facility in Mumbai, utilizing advanced technology for precision in diamond processing.
Written by – Siddesh S Raskar
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