The foreign investor Eminence Global Fund sold 4.75 lakh equity shares in a leading regional jewellery brand in South India, bringing the total deal value to Rs. 12.11 crore through open market transactions.
Despite this significant sell-off, the shares of Manoj Vaibhav Gems N Jewellers Limited surged 3.6 percent on BSE to hit an intraday high at Rs. 264 in Thursday’s trading session.
As of 01:03 p.m., the stock was trading at Rs. 255.95, up by 0.4 percent from the previous close of Rs. 254.85, with a market capitalisation of Rs. 1,250.3 crore.
What’s the news:
The foreign investor Eminence Global Fund PPC through Eubilia Capital Partners Fund I, offloaded 4.75 lakh equity shares in Manoj Vaibhav Gems N Jewellers Limited.
According to the 24th July bulk deal data available with the NSE, the transaction was done at an average price of Rs. 255 bringing the deal value to Rs. 12.11 crore.
As of June 2024 shareholding pattern, Eminence Global Fund PCC through Eubilia Capital Partners Fund held nearly 5.11 lakh equity shares in Manoj Vaibhav Gems, representing a 1.05 percent stake.
Financials:
The company experienced significant growth in its revenue from operations, showing a year-on-year rise of nearly 6 percent from Rs. 516 crore in Q4 FY22-23 to Rs. 546.5 crore in Q4 FY23-24.
Similarly, its net profit increased during the same period from Rs. 14.8 crore to Rs. 20.6 crore, indicating a growth of 38.5 percent YoY.
Stock Performance:
The stock has delivered nearly positive returns of nearly 18.7 percent in one year. However, the shares of Manoj Vaibhav Gems N Jewellers have given negative returns of around 17.2 percent in the last six months as well as about 20 percent returns year-to-date.
About the company
Incorporated in 1989, Manoj Vaibhav Gems N Jewellers Limited is a leading regional jewellery brand in South India led by a first-generation woman entrepreneur.
The company is a hyperlocal jewellery retail chain with a presence in the micro markets of Andhra Pradesh and Telangana.
Written by Shivani Singh
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