Rajesh exports hits new high on asset buy buzz

Rajesh Exports shares zoomed to a new 52-week high of Rs 538.35 on Thursday on the buzz of the company shortly announcing the acquisition of an asset in Europe.

The acquisition could ensure a smooth supply of gold at attractive rates to the jewellery manufacturer and exporter, making it more competitive and giving it a larger global footprint. CMD Rajesh Mehta was not immediately available for comment.

The share has climbed 76% this month after Rajesh Exports informed the stock exchanges of its board having approved the asset’s acquisition at $250-500 million.

(Contributed by Ram Sahgal)