Rajesh Exports gained 2.56% to Rs 378.55 at 09:54 IST on BSE, after the company's board of directors approved making acquisition/s in Europe in the range of $250 million to $500 million.
The announcement was made after market hours yesterday, 2 July 2015.
Meanwhile, the S&P BSE Sensex was up 134.46 points or 0.48% at 28,080.26
On BSE, so far 1.19 lakh shares were traded in the counter as against average daily volume of 1.95 lakh shares in the past one quarter.
The stock hit a record high of Rs 383.20 in intraday trade today, 3 July 2015. The stock hit a low of Rs 373 so far during the day. The stock had hit a 52-week low of Rs 117.35 on 16 October 2014.
The stock had outperformed the market over the past one month till 2 July 2015, rising 62.99% compared with 2.79% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 80.14% as against Sensex's 1.11% decline.
The large-cap jewellery maker has equity capital of Rs 29.53 crore. Face value per share is Re 1.
Rajesh Exports said that the acquisition has been approved to strengthen the backward integration of the company and to strengthen the domestic and global presence of the company in gold business.
On consolidated basis, Rajesh Exports' net profit rose 246.4% to Rs 205.57 crore on 56.7% growth in net sales to Rs 19165.99 crore in Q4 March 2015 over Q4 March 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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