Mumbai-based HNIs have been buying shares of Madurai-based jewellery manufacturing and retailing firm Thangamayil Jewellery. The stock has gained almost 50% over the past one month. The buzz is that these buyers are betting on the company’s expansion plans. Brokers tracking the stock say that the company plans to open overseas branches to cater to the needs of ethnic population. This apart, it is also looking at a franchise model in Tamil Nadu. The expansion will be funded by internal accruals. Thangamayil shares closed at Rs 139 on Wednesday, up about 8% from the previous close, supported by heavy volumes.
No comments:
Post a Comment