Rajesh Exports rose 3.05% to Rs 417.80 at 15:25 IST on BSE after the company said it will market designer jewellery in the European and American markets through Valcambi.
The announcement was made during market hours today, 21 September 2015.
Meanwhile, the S&P BSE Sensex was down 15.25 points or 0.06% at 26,203.66.
On BSE, so far 2.74 lakh shares were traded in the counter as against average daily volume of 3.96 lakh shares in the past one quarter.
The stock hit a high of Rs 420.90 and a low of Rs 393.90 so far during the day. The stock had hit a record high of Rs 622.25 on 19 August 2015. The stock had hit a 52-week low of Rs 117.35 on 16 October 2014.
The stock had underperformed the market over the past one month till 18 September 2015, dropping 32.98% compared with 5.79% fall in the Sensex. The scrip had however outperformed the market in past one quarter, gaining 57.36% as against Sensex's 3.31% decline.
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The large-cap jewellery maker has equity capital of Rs 29.53 crore. Face value per share is Re 1.
Rajesh Exports (REL) said that it has developed a special range of designer jewellery suitable to the local European and American markets. The company said that with the acquisition of Valcambi, the company has one of the strongest global brands to support its distribution process to the high end stores of Europe and North America. REL will be dispatching the range of specially produced designer jewellery to Valcambi and Valcambi through its extensive marketing network and by utilising the strog brand value commanded by its products will be in a position to distribute the designer jewellery produced by REL to the high end European and North American markets. Rajesh Exports had acquired Valcambi in July 2015.
On consolidated basis, Rajesh Exports' net profit rose 100.4% to Rs 237.16 crore on 91.6% growth in net sales to Rs 15144.26 crore in Q1 June 2015 over Q1 June 2014.
Rajesh Exports manufactures gold jewellery. The company exports its products worldwide and distributes them within India to the wholesale jewellery market.
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