Renaissance Jewellery, manufacturer of studded gold, platinum and silver jewellery, has closed with 9.33% premium at Rs 164 as against issue price of Rs 150. The stock had opened at Rs 190 in early trade, which was its intraday high and touched a low of Rs 163.05 on the NSE. Negative sentiment in market did not impact the stock.
It traded with volumes of 62,06,758 shares and turnover stood at Rs 107 crore.
In an interview with CNBC-TV18, Sumit Shah, MD, Renaissance Jewellery, said that they will roll out 250 retail outlets over the next three years. He told CNBC-TV18, that they expect to maintain 35% CAGR going forward.
It has gained 25% before closing the day at Rs 164.80 on the BSE. The stock has hit a high/low of Rs 200 and 163, respectively. It traded with volumes of 51,47,138 shares.
The company had entered capital market with a public issue of 53.24 lakh shares of Rs 10 each at a price band between Rs 125 and Rs 150. It was subscribed 23.63 times.
Renaissance Jewellery in into business of manufacturing studded gold, platinum and silver jewellery. Company's retail arm RRVPL currently has 8 retail outlets in India.
The company would be using the proceeds from the issue for expansion of manufacturing capacity at Bhavnagar unit (100% EOU), expansion of capacity and modernization of the Mumbai units, and investment in subsidiary.
Source: Moneycontrol.com
Wednesday, December 12, 2007
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