Flash News Investment - - RECOMMENDATIONS -

We had rec­om­mended Gitanjali Gems in Vol­ume no. 33, Is­sue no. 47 (dated Septem­ber 11, 2017) when the scrip was trad­ing at Rs 74.50. Our rec­om­men­da­tion was backed by ris­ing de­mand for jew­ellery and the com­pany's ex­pected good prospects. The com­pany’s rev­enue in H1FY18 grew 45.3 per cent YoY to Rs 6605.11 crore. Although op­er­at­ing profit de­clined marginally, its PAT grew 1.6 per cent YoY to Rs 50.93 crore in H1FY18. In Q2FY18, the com­pany’s PAT jumped 40 per cent YoY to Rs 34.32 crore. Due to fes­tive sea­son, we ex­pect Q3FY18 would re­port good rev- enue and growth. We ex­pect H2FY18 per­for­mance would be bet­ter than H1FY18 per­for­mance. Thus, we urge our in­vestors to HOLD the scrip at the cur­rent level.

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