Stock market news: Jewelry stocks reached record highs during festival buzz
The stock which had made a flat quotation of Rs 215 on NSE and BSE rose 9 percent today to make a new high.
Stock market news: Shares of Manoj Vaibhav Gems N Jewelers are rising on the festival buzz. The stock showed an uptrend on Thursday ahead of Dhanteras and Diwali. The stock made a new high of Rs 322.40 today. Manoj Vaibhav Gems N Jewelers has been in the spotlight since its shares listed on the National Stock Exchange and Bombay Stock Exchange in October.
On Thursday, the stock traded higher as it ignored weak market sentiment. The stock which had made a flat quotation of Rs 215 on NSE and BSE rose 9 percent today to make a new high.
The stock eventually settled with a gain of almost 5 percent at Rs 312. The initial public offering (IPO) price range of Manoj Vaibhav Gems N Jewelers was set at Rs 204 to Rs 215 per equity share.
The stock is in focus ahead of Diwali, amid pre-Diwali buying by value investors. The market expects the company to attract higher sales volume due to the upcoming festivals.
Shares of Manoj Vaibhav Gems have recovered from the Rs 202 level. It has recovered more than 50 percent from the lows.