Manoj Vaibhav Gems’ Stock Surges Over 10% on New Showroom Announcement

On Monday, Manoj Vaibhav Gems N Jewellers Ltd informed the exchanges in a filing that the company is opening a new showroom in Vizianagaram, Andhra Pradesh, in March.

On March 18, 2024, Manoj Vaibhav Gems N Jewellers Ltd stated in the exchange filing that they are opening a new showroom in Andhra Pradesh on March 20, 2024. The showroom will be under the brand name ‘Vaibhav Jewellers’.

Regarding the same, the company released a statement that “We hereby inform that the company is going to launch a new showroom in the brand name of ‘Vaibhav Jewellers’ at Palakonda R&B Road, Saradhi Village, Rajam (Nagar Panchayat), Rajam (Mandalam), Vijayanagaram, Andhra Pradesh on March 20, 2024.”

Following the statement from the company, the share price of Manoj Vaibhav Gems N Jewellers grew more than 10% during the trading session on Monday. The stock opened at ₹185.00 and touched the day’s high at ₹203.90 as of 2:52 PM. The stock recovered from its day’s low at ₹165 on the NSE. The company’s total market capitalisation stood at ₹993.07 crore.

Shares of Manoj Vaibhav Gems N’ Jewellers made their stock market debut about six months ago, on October 3, 2023. During the IPO, the company raised a little more than ₹270 crore, selling its shares for ₹215 per share. Currently, the stock is down approximately 5% from its issue price.

About Manoj Vaibhav Gems N Jewellers Ltd

Manoj Vaibhav Gems ‘N’ Jewellers is well-known as Vaibhav Jewellers. It is a regional jewellery brand in South India. The company was incorporated in 2003 and provides diamond, gold, and silver jewellery. They also offer precious gemstones and other jewellery products through retail showrooms and its website. Manoj Vaibhav Gems ‘N’ Jewellers has showrooms in the tier 2 and tier 3 cities in Andhra Pradesh and Telangana.

During the third quarter of 2024, i.e., September to December quarter of 2024, Manoj Vaibhav Gems ‘N’ Jewellers reported a net profit of ₹18.96 crore. During the same period, the total income from operations reported by the company was ₹475.10 crore.

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