Last Updated :
11 June 2009 at 15:05 IST
Gitanjali shoots 8% on JV announcement
Commodity Online
MUMBAI: Leading gold jewellary maker and exporter, Gitanjali Gems Ltd (BOM : 532715) touched the roof after the company’s decision of setting up a joint venture with Dubai based Damas LLC for retail trading.
The company stocks surged 8.5% to Rs.139.70 during the afternoon trading session on the Bombay Stock Exchange. The company had made the announcement of the possible joint venture after the trading hours on Wednesday. The stock touched the intra-day high of Rs.142 in the afternoon trades.
Enter Currency Trading Contest now. Win $ 25,000Meanwhile, the benchmark index, Sensex traded negative at 15375 points down by 0.5% from its Wednesday’s close.
According to company details, Gitanjali Lifestyle, a wholly owned subsidiary of Gitanjali Gems had 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.
The foreign collaborator, Damas LLC, is said to have received necessary approvals from the Foreign Investment Promotion Board (FIPB) for setting up the JVC in India.
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