Tribhovandas Zaveri makes weak debut on bourses

Shares of jewellery retailer Tribhovandas Bhimji Zaveri ( TBZ) today made a weak debut on the bourses, listing at Rs 115 against the issue price of Rs 120 per share.

TBZ's shares listed at Rs 115, down 4.16 per cent against the issue price on the BSE.

Similarly, on the NSE, the stock debuted at Rs 115.05 as compared to the issue price.

As the trade progressed, the scrip saw some more selling pressure and was trading at Rs 112.10 on the BSE at 1035 hrs.

TBZ plans to open nine new large-format high street showrooms in eight cities during the 2012-13 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.