Rajesh Exports surges 4% on winning export order worth Rs 929 crore

NEW DELHI: Shares of Rajesh Exports surged nearly 4 per cent in Thursday’s trade after the company said it had received an export order worth Rs 929 crore from the UAE.

In a filing to BSE, the company said the order was for gold and diamond studded jewellery and medallions and was to be completed by March 2017. Following the development, the stock rose 3.8 per cent to hit a high of Rs 468 on BSE. The stock hit a 52-week low of Rs 422 in June this year.

With the new order, the company’s order book has swelled to Rs 36,523 crore. The company has to execute these orders by March 2017. Earlier this month, it had bagged an order for Rs 786 crore.

Chairman Rajesh Mehta said the company was looking to increase operating margins, besides aiming for double-digit growth over the next two-three years. The company reported annual consolidated sales of Rs 1,65,200 crore, or $24 billion, in FY16.