Rajesh Exports shines on new order win

Rajesh Exports advanced 11.31% to Rs 155 at 15:30 IST on BSE, after the company said it has secured an export order worth Rs 463 crore from Excel Goldsmiths, UAE.

The company made this announcement during trading hours today, 31 January 2008.

Meanwhile, BSE Sensex was down 71.39 points or 0.40% to 17,687.25.

On BSE, 25.56 lakh shares were traded in the counter. The scrip had an average daily volume of 1.32 lakh shares in the past one quarter.

The stock hit a high of Rs 161.50 and a low of Rs 133.85 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 5.33 on 6 March 2007.

The mid-cap scrip had outperformed the market over the past one month 30 January 2008, declining 6.16% compared to the Sensex’s decline of 12.52%. It had also outperformed the market in the past one quarter, declining 4.52% compared to Sensex’s decline of 9.97%.

The company’s current equity is Rs 22.17 crore. Face value per share is Rs 2.

The current price of Rs 155 discounts its Q3 December 2007 annualized EPS of Rs 66.31, by a PE multiple of 2.34.

The order comprises of supplying the latest range of designer jewellery developed by the company. The order is to be executed by March 2008.

In October 2007, Rajesh Exports (REL) bagged an order worth Rs 743 crore from Gold Star Jewellery, Singapore.

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.