Long Term Buy Call For Gitanjali Gems

gitanjali gemsTechnical analyst Sharad Avasthi of SPA Securities has maintained 'buy' rating on Gitanjali Gems Limited stock for 30-35% upside.

Mr. Avasthi said that the said target can be attained within over a year.

The stock of the company, on December 28, closed at Rs 197.65 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 395 and a low of Rs 95.10 on BSE.

Current EPS & P/E ratio stood at 20.80 and 10.11 respectively.

The company is making plans to lift up $100 million by cutting 10% equity stake.

It is making discussions with global PE investors Blackstone and CX Partners to do so.

Gitanjali Gems declared that it has incorporated a wholly owned arm in the name of `Gitanjali Resources` in Belgium with the intention to discover and swell its businesses in the European market.

Gitanjali Gems stated that the main aim of this wholly owned arm is to concentrate on the biz of the Company in Europe and carry out core diamond and jewellery biz in that continent.