Jewellery stock Manoj Vaibhav Gems N Jewellers jumps 60% in one month after par listing. Do you own?
- Manoj Vaibhav Gems N Jewellers' share price today witnessed profit-booking after climbing to a new peak of ₹343.40 levels before Diwali 2023
Stock market today: Shares of Manoj Vaibhav Gems N Jewellers Ltd have been in an uptrend post-listing. Just a month ago, this jewellery stock had a flat listing at ₹215 on the BSE and the NSE. However, after the flat listing, this stock has been rising continuously and touching new highs on a regular basis.
Manoj Vaibhav Gems N Jewellers' share price today opened witnessed profit-booking after climbing to new high of ₹343.40 on NSE ahead of Diwali 2023. Comparing its listing price on NSE and BSE, the stock has delivered around 60 percent return to those allottees who remained invested in the stock despite flat listing.
The price band for the initial public offering (IPO) of this jewellery stock was set at ₹204 to ₹215 per equity share. The mainboard stock listed on the Indian exchanges on 3rd October, 2023. After listing flat at ₹215 per share, the stock remained under pressure and touched its life-time low of ₹202 per share on the NSE in the next few sessions. However, the stock attracted bargain hunting from value investors ahead of Diwali.
The Manoj Vaibhav Gems N Jewellers share price has rebounded from ₹202 levels and hit a new life-time high of ₹322 apiece, logging around 60 percent rise from its record low.
In last five sessions, Manoj Vaibhav Gems N Jewellers shares have touched a new record high in two sessions. During this period, it has risen from around ₹260 to ₹322 per share, delivering around 24 percent return to its shareholders.
Speaking on the reason for the rise in Manoj Vaibhav Gems N Jewellers shares, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, "The stock has risen on festival buzz. Market is expecting that the company will attract higher business volume in current quarter due to Diwali 2023."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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