This Small Cap Jewellery Company Opens New Store In Telangana; Shares Hit Upper Circuit; BUY?

Manoj Vaibhav Gems N Jewellers, a regional jewellery brand in South India, has announced its expansion with the opening of a new store in Telangana. The company disclosed this development through an exchange filing, stating that the new jewellery store, named "Vaibhav Jewellers," is situated at Ganga Reddy Road, Mancherial, Telangana.

The company's journey in the stock market commenced on October 3 when its shares were listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) at an issue price of Rs 215 per share. Since its listing, the company has been making significant strides, evident in its recent market performance.

In its latest financial report for the third quarter of 2023, Manoj Vaibhav Gems N Jewellers disclosed a revenue from operations of Rs 475 crore for the quarter ended December 31, 2023. This figure reflects a slight decrease compared to the corresponding quarter of the previous year, where revenue stood at Rs 489 crore.

Despite the marginal decline in revenue, the company faced a more substantial hit in net profit, which dropped by 24% to Rs 18.96 crore in Q3 FY24 from Rs 25 crore in the same quarter of the preceding fiscal year.

Despite the financial fluctuations, the shares of Manoj Vaibhav Gems N Jewellers demonstrated resilience in the market. As of 2:30 pm on the National Stock Exchange (NSE), the company's shares were trading with gains of nearly 5% at Rs 275.30 per share.