The shares of one of the world’s most exquisite exporters of luxurious diamond jewelry fell 4 percent to Rs 172.35 per share after the company promoter sold a 1.40 percent stake in the company.
With a market capitalization of Rs 1,860 crore, Goldiam International Ltd belongs to the small-cap category of stocks. The company shares have gained 32 percent in the last six months and 28 percent in a year.
According to the business’s exchange filing, company promoter Mr.Rashesh M. Bhansali sold 15,00,000 equity shares, representing a 1.40 percent ownership in the company, out of his total holding of 4,74,00,299 equity shares, representing a 44.38 percent stake. After selling, the promoter now owns 4,59,00,299 equity shares or 42.98 percent of the company.
Companies online sales climbed from 22 percent in the second quarter of FY23 to 28 percent in the second quarter of FY24. In addition, the company’s Lab-grown share of online sales has climbed from 3.5 percent in Q2FY23 to 12 percent in Q2FY24. A nearly fourfold rise.
During the first quarter, Goldiam entered a new market in the Middle East with a maiden order of Rs 300 million for studded jewelry. As of September 30, 2023, the order book is worth Rs 1,650 million.
As of H1FY24, the company consolidated cash & cash equivalents along with investments stood at Rs 2,776 million.
The company’s revenue has jumped by 56 percent yearly, from Rs 85 crore in Q2FY23 to Rs 133 crore in Q2FY24. In the same timeframe, Net profit has significantly increased by 28 percent from Rs 18 crore to Rs 23 crore.
As of the recent shareholding pattern, the company promoter holds a 66.6 percent stake in the company and the retail investor holds a 33.39 percent stake in the company.
Goldiam International Ltd is engaged in the business of manufacturing and exporting gold and diamond jewelry to global retailers. The company supplies Natural diamond
jewelry and Lab-grown diamond (LGD) jewelry to global retailers, departmental stores, and wholesalers.
At the time of writing this report, Goldiam International Ltd shares were trading at 174.25 Rs per share, down 2.87 percent from the previous close price.
Written by Omkar Chitnis
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