Gitanjali Gems surges nearly 10 per cent on strong Q2 numbers

NEW DELHI: Shares of Gitanjali Gems surged nearly 10 per cent in Thursday’s trade after the company said its September quarter net profit jumped 48 per cent and one of its wholly-owned subsidiaries would soon come up with an up to Rs 650 crore initial public offering (IPO).

The company reported a consolidated net profit of Rs 45.01 crore for the second quarter compared with Rs 30.54 crore in the year-ago quarter.

Net income for the quarter rose to Rs 3,964 crore from Rs 3,456 crore reported for the corresponding quarter last year. The stock rose 9.89 per cent to hit a high of Rs 68.85 on BSE.


In a separate filing to BSE, the company said Nakshatra World, a wholly owned subsidiary, has decided to raise funds through an initial public offer (IPO) of equity shares for an overall amount of not exceeding Rs. 650 crore.

The issue will be subjected “to requisite statutory and other approvals, procedures, market conditions and other relevant considerations.”