Meanwhile, the S&P BSE Sensex was down 42.06 points or 0.22% at 19,127.77.
On BSE, 42,680 shares were traded in the counter as against average daily volume of 2.06 lakh shares in the past one quarter.
The stock hit a high of Rs 649.50 so far during the day, which is a record high for the counter. The stock hit a low of Rs 632.60 so far during the day. The stock had hit a 52-week low of Rs 296.50 on 27 June 2012.
The stock had outperformed the market over the past one month till 22 April 2013, rising 13.58% compared with the Sensex's 2.32% rise. The scrip also outperformed the market in past one quarter, advancing 7.78% as against Sensex's 4.06% fall.
The mid-cap company has an equity capital of Rs 92.06 crore. Face value per share is Rs 10.
Shares of Gitanjali Gems gained 8.45% in five trading days from a recent low of Rs 590.60 on 15 April 2013. The upmove caught momentum after the company during trading hours on Monday, 22 April 2013 announced the merger of Gems London Co. with Tokyo-based Imacbc Co with effect from 1 April 2013. After the merger, Imacbc shall become completely integrated company from sourcing raw material from Thailand and China, manufacturing in two facilities in China, to retailing in Japan, Gitanjali Gems said in a statement.
Gitanjali Gems held 30% stake in Gems London Co. through its Hong Kong-based wholly owned subsidiary, Aston Luxury Group. Currently, Gems London is one of the largest seller of jewellery through its TV channel, Gems TV in Japan. Its revenues for the financial year 2012-13 exceeded $90 million, Gitanjali Gems said.
In addition to selling through Gem TV, the merged Imacbc plans to expand its existing jewellery retail network in Japan, Gitanjali Gems said. The combined revenue of consolidated business is expected to be more than double in next 2 years, Gitanjali Gems said in a statement.
On a consolidated basis, Gitanjali Gems' net profit rose 33.6% to Rs 172.18 crore on 27.4% growth in net sales to Rs 4354.98 crore in Q3 December 2012 over Q3 December 2011.
Gitanjali Gems is one of the leading players in the Indian jewellery space.
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