This Jewelry company rose 20% within the first hour of markets opening on Monday with volumes that were 2.4x last week’s average and 4x the monthly average volumes.
The stock has returned 34% in the last week and is currently locked in at Rs. 42.44 (+7.07), 17% above its 20 day and 200 day moving averages. The company has a market cap of Rs. 22 crore, 26% away from its 52 week high of Rs. 57.75.
Zodiac-JRD-MKJ Ltd (“Zodiac”) stated in a filing dated 8th September 2023 that it has received an open offer for 26% stake from 3 different acquirers. The open offer is for the acquisition of up to 1,346,067 shares with face value of Rs. 10 each, representing 26% of Zodiac’s voting share capital by 3 acquirers namely – Mudit Jain, Bluerock Industrial Infrastructure Management LLP, Bluerock Infrastructure Solutions LLP.
The sellers include the Jhaveri Family who are the promoter group namely – Jayesh Jayantilal Jhaveri, Devang Rajnikant Jhaveri, Rajnikant Amratlal Jhaveri, Kokila Rajnikant Jhaveri, Neeta Jayesh Jhaveri, Jigna Devang Jhaveri, Pinal Jayesh Jhaveri and Pooja Jayesh Jhaveri. Total consideration received in the transaction for 1,414,248 total shares is Rs. 46,670,184.
Zodiac-JRD-MKJ Limited manufactures, trades in, and sells gold and diamond jewelry in India. It also offers cut and polished diamonds, precious stones, and semi-precious stones. The company was incorporated in 1987 and is based in Mumbai, India.
The company shareholding had been stable at 45% promoter holding up until the last quarter where the promoters diverted about 4% stake bringing it to 41%, excluding the current divestiture. In Q1 Fy23, the company reported revenue of Rs. 5.9 crore, down 54% YoY from Rs. 13 crore. Net profits increased to Rs. 0.9 crore from Rs. 07 crore YoY, indicating a margin expansion of about 990 bps.
Written by Sandeep R
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