RBZ Jewellers share price hits 5% upper circuit for fourth straight session after listing. Do you own?

Stock market today: RBZ Jewellers shares have been in uptrend since the company was listed on BSE and NSE on 27th December, 2023. After par listing, RBZ Jewellers shares saw big buying interest on the listing date and touched 5 percent upper circuit on BSE and NSE. 

Despite hitting upper circuit in the following two sessions as well after listing, the stock seems to be having more steam for upside.

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Circuit-to-circuit stock

RBZ Jewellers share price today opened higher in the first trade session of the New Year 2024 and once again touched 5 percent upper circuit, reaching ₹121.50 apiece levels on NSE. The jewellery stock has touched 5 percent upper circuit in all four sessions since its lisitng. Therefore, RBZ Jewellers has emerged as one of the circuit-to-circuit stocks of the Indian stock market in just four days of its listing.

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“RBZ Jewellers shares have listed in trade-to-trade category. This means, one won't be able to buy and sell the stock on the same date. Apart from this, the stock is lower in size and hence, it was expected ahead of its listing that it would be one of the circuit to circuit stocks of the Indian stock market. As the circuit band is just 5 percent, it is hitting upper circuit at small trade volume as well,” said Arun Kejriwal, Founder at Kejriwal Research and Investment Services.

RBZ Jewellers stock details

RBZ Jewellers IPO was launched in December at a price band of ₹95 to ₹100 per equity share. After three days of bidding from 19th December, 2023 to 21st December, 2023, RBZ Jewellers shares were listed on BSE and NSE at ₹100 apiece. After par listing, RBZ Jewellers share price witnessed selling pressure and it touched an intraday low of ₹96 on NSE and ₹95 apiece on BSE (touching lower circuit immediately after listing). However, it attracted buying interest at lower levels on listing date and gave sharp upside movement, touching 5 percent upper circuit. 

RBZ Jewellers shares have delivered 21.50 percent return to the allottees that remained invested in the stock despite par listing on Dalal Street.

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