Rajesh Exports shines on overseas order win
Rajesh Exports jumped 5.28% to Rs 94.70 at 14:32 IST on BSE after the company said it has secured a contract worth Rs 534 crore from Lazorde Jewellery, Kuwait.
On BSE, 19.41 lakh shares were traded in the counter. The scrip had an average daily volume of 6.19 lakh shares in the past one quarter.
The stock hit a high of Rs 94.45 and a low of Rs 89.75 so far during the day. The stock had a 52-week high of Rs 170 on 12 December 2007 and a 52-week low of Rs 62.01 on 9 May 2007.
The small-cap scrip had outperformed the market over the past one month till 29 April 2008, gaining 15.84% compared to the Sensex's return of 11.08%. It had underperformed the market in the past one quarter, declining 35.40% compared to Sensex's decline of 2.14%.
The order has to be executed by 30 June 2008. The order will be executed at the company's manufacturing facility at Bangalore.
In January 2008, Rajesh Exports (REL) secured an export order worth Rs 463 crore from Excel Goldsmiths, UAE.
REL's net profit rose 117.8% to Rs 61.25 crore on 10.4% growth in net sales to Rs 2067.23 crore in Q3 December 2007 over Q3 December 2006.
The company's principal activity is to manufacture gold jewellery. REL is the country's largest exporter of gold jewellery.
The company's current equity is Rs 25.06 crore. Face value per share is Rs 1.