Goldiam Int'l soars 16% after Ashish Kacholia buys stake in Dec quarter

As on December 31, 2022, Ashish Kacholia's stake in Goldiam International stood at 1.01%, against nil or below 1% at the end of September quarter, data shows.

Shares of Goldiam International soared 16 per cent to Rs 167 in Thursday’s intra-day trade, after investor Ashish Kacholia bought stake in the company in the December quarter. In the past three days, the stock of integrated manufacturer and supplier of fine diamond jewellery zoomed 27 per cent.

As on December 31, 2022, Ashish Kacholia’s stake in Goldiam International stood at 1.01 per cent, according to shareholding pattern filed by the company. Kacholia held nil or less than one per cent stake in the company at the end of September quarter, data shows.

Mukul Mahavir Agrawal (2.75 per cent) and Ramesh Damani (1.58 per cent) are other high networth individuals who hold more than 1 per cent stake in Goldiam International, data shows.

At 11:13 AM; the stock traded 13 per cent higher at Rs 163.50, as compared to 0.54 per cent decline in the S&P BSE Sensex. The average trading volumes on the counter rose over seven-fold today, as around 3.9 million shares changed hands on the NSE and BSE.

Goldiam International is an OEM partner and exporter of exquisitely designed and luxurious diamond jewellery. Functioning as the manufacturer of choice to many of the leading global branded retailers, departmental stores and wholesalers across American and European markets, the company is also renowned to utilise responsibly sourced diamonds, leverage cutting-edge technologies and efficient manufacturing processes for optimal costings and quick delivery lead times.

Targeting the mid-to-affordable diamond & bridal jewellery segments, Goldiam ha a dedicated sales office in New York, with design teams both in India and the USA.

However, in the past six months, Goldiam International underperformed the market as shares gained less than 10 per cent, as against 11 per cent rally in the S&P BSE Sensex. In the past one year, the stock price of the company declined 18 per cent, as against 2.2 per cent fall recorded by the benchmark index.

Besides, earlier, the stock had hit a 52-week high of Rs 209 on January 18, 2022 and a record high of Rs 229 on October 28, 2021.