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Business News/ Markets / Stock Markets/  Motisons Jewellers shares hit 20% upper circuit for 2nd day in a row, up over 243% from IPO price; here's why
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Motisons Jewellers shares hit 20% upper circuit for 2nd day in a row, up over 243% from IPO price; here's why

Motisons Jewellers shares continued their winning streak, hitting an all-time high of ₹189 per share, gaining 20% in today's trade. At current levels, the stock is trading 243.63% higher than its issue price.

The company is engaged in the business of selling jewellery made of gold, diamonds, and kundan. (Pixabay)Premium
The company is engaged in the business of selling jewellery made of gold, diamonds, and kundan. (Pixabay)

Motisons Jewellers shares continued their winning streak for the ninth consecutive trading session on Wednesday, hitting a new all-time high of 189 per share. The stock was locked in the 20% upper circuit limit. 

In the previous trading session as well, the stock touched the 20% upper circuit limit following the company's shift from the 'Trade for Trade segment' (T Group) to the ‘rolling segment.’

As a result of this change, the trading of the company's equity shares has now shifted under the B Group, as per recent media reports.

Also Read: Goldman Sachs 10 key lessons learnt in 2023, relevant for investors this year

Motisons Jewellers Stock Trend

In the past eight trading sessions, the stock has shown a remarkable increase of 68.50%. With the current trading price of 189 per share, the overall gain has reached an impressive 102% within just nine trading sessions.

The company's shares made a stellar debut on December 26, 2023, on the Indian stock exchanges, opening at 109 apiece as against the IPO price of 55 apiece. Later, it ended the first day with an impressive 88.3% gain at 103.5.

Also Read: Motisons Jewellers share price makes a strong debut; should buy, sell or hold the stock?

At current levels, the stock is trading 243.63% higher than its issue price. The 151 crore IPO of Motisons Jewellers was open between December 18 and December 20. The IPO garnered extraordinary investor interest, receiving a subscription rate of 159 times, Trendlyne data showed.

The company is engaged in the business of selling jewellery made of gold, diamonds, and kundan. In addition, the company also sells jewellery products like pearls, silver, platinum, and other precious and semi-precious metals.

Also Read: Market in 2024: 3 important triggers that could drive equities this year and what investors should do

In terms of its product offering and positioning, Motisons offers traditional, contemporary, and combination designs across various jewellery lines. Regarding financials, the company posted a net profit of 22 crore in FY23, an improvement of 46.66% over FY22's net profit of 15 crore. The revenue from operations in FY23 grew by 16.56% to 366 crore as compared to 314 crore in FY22.

 

Disclaimer: We advise investors to check with certified experts before making any investment decisions.

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Published: 10 Jan 2024, 02:47 PM IST
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