Shares of Goldiam International, which is backed by two seasoned investors, jumped 8 per cent in Thursday’s trade amid thin trading volumes. Despite weakness in the broader market, the stock gained 8 per cent to hit a high of Rs 138.80 on Thursday, before giving up some of the gains.
Volumes of the stock remained thin, with a total 18,000 shares changing hands, with a turnover of Rs 24 lakh. On NSE, 4.70 lakh shares changed hands with turnover of Rs 6.40 crore.
In a regulatory filing, the company on Thursday said trading window for the designated persons and their immediate relatives, will be closed from January 31, 2023. The trading window will reopen after expiry of 48 hours after the financial results for the quarter ending on December 31, 2022 are made public, the company’s filing added.
Two Dalal street veterans, Mukul Mahavir Agrawal and Ramesh Damani, held stakes in the company as of September 30, 2022. Ramesh Damani owned 17,17,340 equity shares or 1.58 per cent stake while Mukul Mahavir Agrawal held 30,00,000 equity shares or 2.75 per cent stake in the company at the end of September end.
In a November report, Monarch Networth Capital has given it a buy rating with a target price of Rs 185, suggesting an upside potential of up to 40 per cent in the stock.
With a market-cap less than Rs 1,500 crore, Goldiam International exports cut and polished diamonds and of plain and studded gold jewelry since 1986. The smallcap player is into jewellery-making as well.
Goldiam International has delivered multibagger returns in the last two and five years. The stock has rallied more than 700 per cent from less than Rs 17 in December 2017, whereas it has gained about 225 per cent from its price of Rs 45 in December 2020.
Also Read: KFin Technologies: What should you do after a flat listing?