Stock market today: Shares of Manoj Vaibhav Gems N Jewellers Limited listed on BSE and NSE at moderate permium despite sentiments on Dalal Street. Manoj Vaibhav Gems share price today opened on BSE and ₹215 apiece levels and went on to hit intraday high of ₹221.90 apiece whereas on NSE, the scrip listed at ₹215 per share levels and soon hit intraday high of ₹222 apiece levels.
According to stock market experts, Manoj Vaibhav Gems has strong fundamentals and the company has shown ₹2,000 crore annual business volume out of which it is getting around ₹1,350 crore volume from its one retail outlet situated in Visakhapattaram. They said that people having short term view may exit whereas those who have medium to long term view may hold the stock and wait for the quarterly results. If the company reports ₹550 crore to ₹600 crore quarterly volume along with 8 per cent EBIDTA, then then may hold the stock further.
Speaking on Manoj Vaibhav Gems share price outlook, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, "manoj Vaibhav Gems is a hyperlocal jewellery brand and it has reported ₹2,000 crore annual volume in FY23. It has also said that festive season doesn't matter for them, which means they would generate around ₹550 to ₹600 crore in Juloy to September 2023 quarter. Those who applied for the public offer with medium to long term view are advised to hold the stock till Q2FY24 results of the company gets announced. If their quarterly volume is reported below ₹550 crore and their EBIDTA is below 8 per cent, then it should be taken as a matter of concern for company shareholders."
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
"Much will depend as to how this newly listed company moves forward post-listing. If they remain content within the boundaries of Andhra Pradesh and Telangana, then the stock may not move much in near to medium term. However, in case of any expansion plan that the jewellery brand decides to announce in upcoming Q2 results, then it would be a big boost for the small-cap stock. One needs to remain vigilant about the bulk deals of teh company in next two to three days. If any big investor (either DII or FII) puts money in the scrip, then it may work as a booster dose for the stock in near term."
On advice to fresh investors, Arun Kejriwal said, "Those who want to take fresh entry in the stock, they are advised to wait for some time. If the stock comes around ₹200 apiece levels, then they can think of taking fresh position in the scrip for medium to long term time horizon."
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess