Manoj Vaibhav Gems share price jumps 70% from 52-week low in six days

Stock market today: Stock market today: Shares of Manoj Vaibhav Gems 'N' Jewellers Limited remained in a continuous uptrend after listing on the BSE and NSE on 3rd October 2023. Manoj Vaibhav Gems share price had a flat listing but the stock attracted strong buying interest post-listing and went on to touch a lifetime high of ₹382 apiece on NSE in the first week of December 2023. However, after climbing to this new high, the jewelry stock came under the sell-off heat and remained in base-building mode till 15th March 2024 and touched a 52-week low of ₹165 apiece. However, after making this new 52-week low, Manoj Vaibhav Gems share price has been continuously ascending for the last six sessions. Manoj Vaibhav Gems share price today opened upside and went on to touch an intraday high of ₹287 apiece, logging more than a 70 percent rise against the 52-week low, the jewellery stock had made on 15th March 2024.

Manoj Vaibhav Gems share price history

The initial public offering (IPO) of Manoj Vaibhav Gems 'N' Jewellers was launched in September 2023 at a price band of ₹204 to ₹215 per equity share. The mainboard share was listed on 3rd October 2023. It is listed on BSE and NSE at ₹215 apiece. However, the jewelry stock witnessed strong buying interest among the Indian stock market investors as the jewelry stock remained in an uptrend till 7th December 2023 and touched a lifetime high of ₹382 per share on the NSE. After climbing to this new high, Manoj Vaibhav Gems share price came under the sell-off heat and started retracing from its 52-week high. The stock continue to dip till 15th March 2024 making a new 52-week low of ₹165 apiece on NSE. After bottoming out at ₹165 apiece, Manoj Vaibhav Gems share price is once again in the bull trend and the stock has been rising for the last six successive sessions. Manoj Vaibhav Gems share price today opened upside and went to touch an intraday high of ₹287 apiece, logging more than a 70 percent rise against its 52-week high made on 15tgh March 2024. So, the jewelry stock has risen over 70 percent against its fresh 52-week high that it made six sessions ago.

Manoj Vaibhav Gems share price target

Expecting more upside in Manoj Vaibhav Gems shares, Sumeet Bagadia, Executive Director at Choice Broking said, "The stock has made a strong base at ₹240 apiece level. So, Manoj Vaibhav Gems shareholders are advised to upgrade trailing stop loss at ₹240 apiece level. The jewelry stock is facing a hurdle at the ₹300 per share level. On breaching this resistance on a closing basis, the stock may go up to ₹330 and ₹350 per share level in the short term."

Manoj Vaibhav Gems news

The company recently informed Indian bourses about opening a new retail showroom saying, "Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015, we hereby inform that the Company has opened a new Jewellery store at Ganga Reddy Road, Mancherial, Telangana – 504 208, today i.e. March 24, 2024. The total number of stores as of date stands at 15 (including two franchise stores)."

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