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Saturday, February 20, 2010

Thangamayil Jewellery closes with 5.2% discount

Thangamayil Jewellery closed at Rs 71.10, at a discount of 5.2% from its issue price of Rs 75 per share. The stock touched an intraday high of Rs 79 and low of Rs 70, which was the opening price on the BSE. It saw volumes of over 86 lakh shares in trade today.

On the NSE, the share fell 6.33% to Rs 70.25, after seeing day's high of Rs 82 and low of Rs 70. It was opened at Rs 75.70 and saw turnover of Rs 87 crore.

In an interview with CNBC-TV18, BA Ramesh, Managing Director said FY10 PAT was likely between Rs 15-16 crore. He sees FY11 sales & PAT up 60-70%.

The company is one of the leading jewellery retailers in Madurai and trades in Gold Jewellery, Diamond and Platinum jewels. It has introduced the Hallmarking practice for the first time in Madurai.

The Rs 28.75 crore initial public offering (IPO) was opened for subscription during January 27-29 and was subscribed just 1.12 times. The price band was at Rs 70-75.

The company will use issue proceeds for expansion of existing business by establishing retail outlets at Tuticorin, Dindigul, Theni, Nagercoil, Tirunelveli, Kovilpatti and Sivakasi, and for renovation of the existing outlet at Madurai; working capital requirement and issue expenses.

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