Consumer Discretionary Stock Gains 63% After 2 Months of Listing: Do You Own?

Small-cap firm Manoj Vaibhav Gems N Jewellers Ltd operates in the consumer discretionary industry. Manoj Vaibhav Gems debuted on the NSE and BSE on October 3, 2023, at Rs 215 per equity share. Despite the stock's flat listing, investors have taken notice of it because the scrip has gone up by 62.76% since listing; as a result, the stock's sharp rise of 63% has cheered both those who were allotted shares and those who purchased them after listing.

On October 3, 2023, the Manoj Vaibhav Gems share price was flatly listed on the NSE and BSE at Rs 215 per equity share, in contrast to the IPO price band of Rs 204 to Rs 215 per equity share. The share price of Manoj Vaibhav Gems began the day higher on the BSE, trading at Rs 338.05 per share and due to a surge in volumes the share price reached an intraday high of Rs 362.10 per share, recording an intraday gain of 7.11%.

For the quarter that ended on September 30, 2022, Manoj Vaibhav Gems N Jewellers recorded a net profit of Rs 22.16 crore, which is a rise of almost 9% YoY. In the second quarter of FY24, the company's revenue from operations climbed by 22% QoQ and 11% YoY to Rs 619.22 crore. In the September 2022 quarter, its operational income was Rs 555.87 crore, compared to Rs 508.89 crore in Q1FY24.

Manoj Vaibhav Gems 'N' Jewellers raised Rs 270.20 crores in a book-built IPO. The public offering consisted of a new issuance of 0.98 crore shares, valued at Rs 210.00 crores, and an offer for sale of 0.28 crore shares, valued at Rs 60.20 crores.

The IPO bidding for Manoj Vaibhav Gems 'N' Jewellers began on September 22, 2023, and it ended on September 26, 2023. On Wednesday, September 27, 2023, the share allocation for Manoj Vaibhav Gems 'N' Jewellers IPO was completed. On October 3, 2023, the shares were listed on the BSE and NSE. The IPO price range for Manoj Vaibhav Gems 'N' Jewellers was fixed at Rs 204 to Rs 215 per share.