Rajesh Exports jumped 5.48% to Rs 74.15 at 11:17 IST on BSE after the company clarified that it has not suffered any losses in any type of currency options, commodity trading or any other speculative business.
The stock hit a high of Rs 74.50 and a low of Rs 69.25 so far during the day. The stock had a 52-week high of Rs 170 on
The company’s current equity is Rs 22.17 crore. Face value per share is Rs 2.
The current price of Rs 74.15 discounts its Q3 December 2007 annualized EPS of Rs 66.31, by a PE multiple of 1.18.
Rajesh Exports posted 117.8% jump in net profit 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 made the clarification amid rumours that many Indian corporates have suffered losses in the currency derivatives, options and commodity trading. Rajesh Exports (REL) further said that its performance will not be affected by rising gold prices. The company is confident of reporting a robust business and surpassing the guidelines of sales and profitability for the current year.
The company's principal activity is to manufacture gold jewellery. REL is the country's largest exporter of gold jewellery.
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