Tribhovandas Bhimji Zaveri shares down over 7 per cent on debut
Tribhovandas Bhimji Zaveri had a tepid debut on bourses today with the stock getting listed at Rs 115 a share below its issue price.
By PTI | Updated:
MUMBAI: Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) had a tepid debut on bourses today with the stock getting listed at Rs 115 a share below its issue price, and further plunging over seven per cent in line with weak broader markets.
Shares of the company, which had lost 8.33 per cent to touch a low of Rs 110 in intra-day, finally ended the day at Rs 111.20 on the BSE, a fall of 7.33 per cent against the issue price of Rs 120.
On the NSE, the scrip closed at Rs 111, down 7.50 per cent against the issue price. In intra-day, TBZ lost 7.91 per cent to Rs 110.50.
In terms of volume, over 11 lakh shares of the company changed hands on the BSE, while more than 12 lakh shares were traded on the NSE.
Analysts said that weak sentiment in the stock market played spoilsport for the stock.
TBZ plans to open nine new large-format high street showrooms in eight cities during the current fiscal. It already has 14 showrooms in 10 cities across five states.
As part of its strategy, the company plans to open nine showrooms -- one each in Aurangabad, Gandhidham, Hyderabad, Nagpur, Vadodara, Valsad, Visakhapatnam and two in Kolkata -- for which it intends to deploy Rs 19.19 crore in this fiscal.
The company manufactures and retails gold, diamond and platinum jewellery.
Shares of the company, which had lost 8.33 per cent to touch a low of Rs 110 in intra-day, finally ended the day at Rs 111.20 on the BSE, a fall of 7.33 per cent against the issue price of Rs 120.
On the NSE, the scrip closed at Rs 111, down 7.50 per cent against the issue price. In intra-day, TBZ lost 7.91 per cent to Rs 110.50.
In terms of volume, over 11 lakh shares of the company changed hands on the BSE, while more than 12 lakh shares were traded on the NSE.
Analysts said that weak sentiment in the stock market played spoilsport for the stock.
TBZ plans to open nine new large-format high street showrooms in eight cities during the current fiscal. It already has 14 showrooms in 10 cities across five states.
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As part of its strategy, the company plans to open nine showrooms -- one each in Aurangabad, Gandhidham, Hyderabad, Nagpur, Vadodara, Valsad, Visakhapatnam and two in Kolkata -- for which it intends to deploy Rs 19.19 crore in this fiscal.
The company manufactures and retails gold, diamond and platinum jewellery.
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