Jewelry Stock Shines with a 10 per cent Surge - Could It Be the Next Titan Industries?
A diamond stock from the jewelers industry sky rocketed on Friday in the hope of positive results, gained Rs. 67.85 per share
The Senco Gold stock saw a significant surge of 10 per cent, resulting in an impressive 84.30 per cent return in less than four months. Diamond stocks from the jewelry industry skyrocketed on Friday, driven by positive results, with each share gaining Rs. 67.85.
Senco Gold, a Pan-India jewelry retailer, surged 10 per cent on Friday following the company's update about an Investor and Analyst meeting scheduled for November 10th, 2023. Investors are anticipating revenue growth due to increased volume in the company's business. With the Diwali season approaching, the expected sales for the 2nd and 3rd quarters are likely to see a substantial increase. Furthermore, with gold prices near an all-time high and expected to remain in an uptrend, the Senco Gold stock price is benefiting.
Currently, the stock is trading at Rs. 746.55. Just three months ago, Senco Gold witnessed an Initial Public Offering (IPO) valued at Rs. 405.00 crores. This IPO comprised a blend of a fresh issue involving Rs. 0.85 crore shares amounting to Rs 270.00 crores and an offer for sale of Rs. 0.43 crore shares valued at Rs 135.00 crores. The Senco Gold IPO price band was set at Rs. 301 to Rs. 317 per share, and the Qualified Institutional Buyers (QIB) subscription was an impressive 190 times the issue. The company's current market capitalization stands at Rs. 5,798 crores.
In the chart above, Senco Gold's stock price broke its listing level in September, and since then, it has maintained a bullish momentum. On Friday, a large marubozu candlestick formed on the daily chart. Marubozu candlesticks are a strong bullish signal, indicating that buyers are dominating sellers, reflecting a highly bullish sentiment in the stock price.
Disclaimer: This article is for informational purposes only and should not be considered investment advice.