Tara Jewels was locked at 5% upper circuit at Rs 102.15 at 11:21 IST on BSE, with the stock extending recent gains triggered by IDFC Mutual Fund acquiring stake in the company.
Meanwhile, the BSE Sensex was up 179.20 points, or 0.87%, to 20,715.84
On BSE, so far 5,113 shares were traded in the counter with pending buy orders of 7,021 shares at upper circuit. The stock has an average daily volume of 13,980 shares in the past one quarter.
The stock hit a high of Rs 102.15 and a low of Rs 98.10 so far during the day. The stock had hit a record low of Rs 70.35 on 7 August 2013. The stock had hit a 52-week high of Rs 210.25 on 20 February 2013.
The small-cap stock had underperformed the market over the past one month till 20 February 2014, falling 8.6% compared with the Sensex's 3.15% fall. The scrip, however, outperformed the market in past one quarter, rising 10.57% as against Sensex's 0.48% decline.
The company has an equity capital of Rs 24.62 crore. Face value per share is Rs 10.
Shares of Tara Jewels are on a roll recently, advancing 15.68% in three days from a recent low of Rs 88.30 on 18 February 2014. The gains were triggered by a domestic mutual fund buying stake in the company.
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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