Commodity Online
MUMBAI: Leading gold jewellary maker and exporter, Gitanjali Gems Ltd (BOM: 532715) recorded significant rise following company’s announcement for acquiring 70% stake in unlisted mobile retail chain, MobileNXT Teleservices.

Company stocks were trading at Rs.109.70 with a rise of 2.33% in the afternoon trading session today.

The company will acquire the Bangalore-based MobileNXT through its wholly owned subsidiary Gitanjali Lifestyle.

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MobileNXT, which has 21 stores across the country, will display a range of fashion jewellery, watches, eyewear as well as mobile phones and accessories.

Gitanjali Lifestyle had on 11 June 2009 decided to set up a joint venture company (JVC) in India in association with Damas LLC, Dubai for retail trading of all kinds of jewellery and related accessories in India. Damas LLC has received necessary approval from the Foreign Investment Promotion Board (FIPB) for setting up a JVC in India.

Gitanjali Gems' net profit declined 35.6% to Rs 31.13 crore on 14.8% to Rs 704.09 crore in Q4 March 2009 over Q4 March 2008.