This Small Cap Gems & Jewelry Stock Approves Buyback Proposal, Price Skyrockets

The Board of Goldiam International Ltd announced to buyback of shares on Saturday, May 20, 2023. The company announced it through the securities exchange filing along with the March quarter results.

The company posted a net revenue of Rs 1,349 million, which declined by 15% year on year, and its net loss was Rs 162 million, which was down by 29% for the quarter. For the full year FY23, the revenue was at Rs 5,543 million and the loss was Rs 853 million, both declined by 22% and 20% respectively over the previous year.

Buyback Details
As per the filing, the Board of Directors of the Company, in its meeting held on May 20, 2023, approved the proposal to buyback up to 21,79,493 fully paid-up equity shares of the company for an aggregate amount not exceeding Rs.32,69,23,950 (hereinafter referred to as the "Buyback Size"), being 2% of the total paid-up equity share capital.

Further, it is noted that the buyback size is 12.47% and 5.78% of the total paid-up equity share capital and free reserves of the company based on the audited standalone financial statements and consolidated financial statements respectively of the company as on March 31, 2023, at a price of Rs 150 per equity share.

About the Company
Goldiam International Limited is an India-based company that is engaged in the manufacturing and export of diamond-studded gold and silver jewelry. The Company is a fully integrated original equipment manufacturer (OEM) partner for retailers. The Company operates through two segments: Jewellery Manufacturing and Investment Activity. It was incorporated in the year 1986 as a small-cap company. Its current market capitalisation is Rs 1,569.23 crore.

Share Price Movement
The last closing price of Goldiam International Limited stock is Rs 144 per share, which rallied by 1.87% during the day on Friday, over the previous day's closing price. In the last one year, the share price has declined by nearly 5.88% but it skyrocketed by 779.12% over three years.