Lypsa Gems & Jewellery advanced 1.13% to Rs 62.80 at 14:30 IST on BSE after the company said it has won an order worth Rs 22.3 crore for diamonds & diamond-studded jewellery.
The announcement was made during market hours today, 5 January 2017.Meanwhile, the S&P BSE Sensex was up 207.73 points or 0.78% at 26,840.86.
On the BSE, 74,000 shares were traded on the counter so far as against the average daily volumes of 50,962 shares in the past one quarter. The stock had hit a high of Rs 65 and a low of Rs 61.50 so far during the day.
The stock had hit a record high of Rs 154.50 on 6 January 2016 and a record low of Rs 49 on 30 November 2016. It had outperformed the market over the past one month till 4 January 2017, surging 20.58% compared with the Sensex's 1.53% rise. The scrip had also outperformed the market in past one quarter, advancing 10.2% as against the Sensex's 6% fall.
The small-cap company has equity capital of Rs 21.06 crore. Face value per share is Rs 10.
The latest order was secured from customers based out of UAE. This order will be executed over a 9-month period.
Following the revival of demand in the diamond industry, Lypsa is seeing an uptrend in demand from its customers both in India and overseas as well.
Director of Lypsa Gems, Jeeyan Patwa said, the company is looking to further strengthen its presence in the international markets across the loose diamonds and jewellery segments. Lypsa is on track to achieve its vision of profitable growth not only in the international market but also the domestic markets and is targeting to become a debt free company soon, Patwa said.
Meanwhile, shares of Lypsa Gems are on a rising trend. The stock has risen 18.6% in seven straight trading sessions at its ruling market price, from its close of Rs 52.95 on 27 December 2016.
The company had last month announced securing an order worth Rs 17.7 crore for diamonds and diamond-studded jewellery.
On a consolidated basis, Lypsa Gems & Jewellery's net profit fell 24.5% to Rs 4.58 crore on 55.5% decline in net sales to Rs 64.11 crore in Q2 September 2016 over Q2 September 2015.
Lypsa Gems & Jewellery is a wholly owned integrated diamond company sourcing rough diamonds from the major diamond mines and dealers, cutting and polishing them in its own factories & marketing its product to clients across the globe. It also sells diamond-studded jewellery under the Oropel and Lypsa Atelier brand names.
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