FII sold 58,07,279 shares: Penny stock under Rs 10 hit upper circuit as company enters into contract with Titan Company Ltd
The stock is up by 30 per cent from its 52-week low of Rs 6.64 per share.
Ashapuri Gold Ornament Limited has entered into a strategic agreement with Titan Company Limited for the supply of gold jewellery. This agreement, effective from August 1, 2024, and extending until July 31, 2026, outlines a comprehensive framework for supplying gold jewellery as per the specific purchase orders raised by Titan during the contract period. The agreement is entirely domestic in nature, involving a domestic entity, Titan Company Limited, and is focused on supplying gold jewellery products. While the contract doesn't specify a fixed monetary value, it underscores the commitment of Ashapuri Gold Ornament Limited to fulfill Titan's evolving requirements for gold jewellery throughout the contract duration.
Ashapuri Gold Ornament Ltd, established in 2008, is a prominent player in the manufacturing and trading of gold ornaments and articles in various designs. The company primarily focuses on antique jewelry and gold jewelry, catering to diverse preferences. Initially engaged in wholesale trading, AGOL transitioned to manufacturing and job-work arrangements to enhance its product range. With a dedicated showroom in Ahmedabad, the company offers a wide array of products including Pota, Kundan, and Ghat jewelry collections, encompassing necklaces, bangles, bridal jewelry, chokers, and pendant sets.
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On Tuesday, shares of Ashapuri Gold Ornament Ltd hit a 5 per cent to Rs 8.61 per share from its previous closing of Rs 8.20 per share. The stock’s 52-week high is Rs 16.27 and its 52-week low is Rs 6.64
The company has a market cap of Rs 287 crore. In September 2023, an FII sold 58,07,279 shares or 1.74 per cent stake in the company. The stock is up by 30 per cent from its 52-week low of Rs 6.64 per share. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.