The stock surged further to a high of Rs 135 - up over 12% from the previous close. The stock managed to hold on to some of its gains and ended at Rs 129 - up 7%. The counter witnessed comparatively heavy volumes trades of over 1.96 million shares, as against the two-week daily average trade of 250,429 shares on the BSE.
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(Updated at 1050 hrs)
Gitanjali Gems has jumped by 7.4% or Rs 8.9 to Rs 129 on the BSE.
After yesterday's market closing, the company had announced the purchase of Alliance Jewelleries through wholly owned subsidiary Brightest Circle Jewellery.
The acquisition would offer synergy benefits to Gitanjali as both the companies are involved in the manufacturing of gold and diamond studded jewellery.