On Monday, the shares of a jewelry and gemstone manufacturer rose 4 percent to Rs 458.70 a share after the company acquired assets of UK-based teleshopping brand “Ideal World”.
At 11:57 a.m., On the National Stock Exchange, Vaibhav Global Ltd. shares were trading at Rs 447.65 per share, up Rs 7.05 or 1.60 percent from the previous close price. The company has a market capitalization of Rs 7,399 crore.
According to the company’s exchange filing, Shop TJC Ltd (UK), a wholly owned subsidiary of Vaibhav Global Limited, executed the Asset Sale Agreement to purchase assets from Ideal World Ltd.
Ideal World engages in teleshopping and digital retail of lifestyle items through its unique TV shopping channel. Ideal World is one of the main teleshopping brands in the UK, with a 20-year heritage.
Through this transaction, Shop TJC will acquire the IP rights, broadcasting rights, studio equipment, and other intangible assets of Ideal World. The transaction will be paid by internal accruals.
In the last six months, Vaibhav Global shares have delivered returns of 59 percent and 30 percent in the last year.
Vaibhav Global Ltd’s revenue has increased by 5 percent yearly, from Rs 628 crore in Q1FY23 to Rs 658 crore in Q1FY24. During the same time, the company’s net profit climbed by 53 percent, from Rs 19 crore to Rs 29 crore.
The company’s profitability metrics show a return on equity of 8.73 percent, a return on capital employed of 11.79 percent, and a debt-to-equity ratio of 0.1.
According to the latest shareholding pattern, the company promoters hold 57.21 percent of the company, while Foreign institutional investors hold 21.89 percent and domestic institutional investors own a 6.24 percent stake.
Vaibhav Global Limited (VGL) is an omnichannel E-tailer of fashion jewelry, accessories, and lifestyle products that is engaged in the business of manufacturing and Exporting Jewellery. Company products include Precious stones and Gold Studded Jewellery.
Written by Omkar Chitnis
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