Tara Jewels was locked at 5% upper circuit at Rs 92.70 at 12:11 IST on BSE after IDFC Mutual Fund acquired 4% stake in the company on Tuesday, 18 February 2014.
Meanwhile, the BSE Sensex was up 43.23 points, or 0.21%, to 20,677.44
On BSE, so far 9,994 shares were traded in the counter with pending buy orders of 3,467 shares at upper circuit. The stock has an average daily volume of 13,779 shares in the past one quarter.
The stock opened with an upward gap, surging by the maximum 5% daily circuit and remained locked at the 5% level at Rs 92.70 so far in the day. The stock had hit a 52-week low of Rs 70.35 on 7 August 2013. The stock had hit a 52-week high of Rs 211 on 19 February 2013.
The small-cap stock had underperformed the market over the past one month till 18 February 2014, falling 19.95% compared with the Sensex's 2.04% fall. The scrip had also underperformed the market in past one quarter, declining 1.89% as against Sensex's 1.04% decline.
The company has an equity capital of Rs 24.62 crore. Face value per share is Rs 10.
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IDFC Mutual Fund purchased 2.46 lakh shares of Tara Jewels at Rs 89 per share in a bulk deal on BSE on Tuesday, 18 February 2014. The mutual fund bought 7.40 lakh shares of Tara Jewels at Rs 89 per share in a bulk deal on NSE on Tuesday, 18 February 2014. Collectively IDFC Mutual Fund bought 9.86 lakh shares of Tara Jewels or 4% stake on Tuesday, 18 February 2014. Db International Asia sold 3.35 lakh shares at Rs 89.02 per share in a bulk deal on NSE on Tuesday, 18 February 2014.
Tara Jewels' consolidated net profit fell 33% to Rs 22.05 crore on 0.3% growth in total income to Rs 506.38 crore in Q3 December 2013 over Q3 December 2012.
Tara Jewels is predominately an exporter of studded diamond jewellery.
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