Gujarat Toolroom shares jump, hits the upper circuit
Gujarat Toolroom shares struck an upper circuit of 5 percent to Rs 19.70, its new 52-week high.
The scrip has hit the upper circuit for the straight fifth session in a row.
Gujarat Toolroom shares struck their upper circuit on Monday after the firm board agreed to enter the new market of Dubai by putting up a new subsidiary and making fresh investments in the firm. The business shared the same through an exchange filing on Friday.
The firm board of Gujarat Toolroom has approved analyzing the new Dubai market in the sector of precious diamonds, stones, gold dore bars, and jewellery by setting up a new wholly owned subsidiary of the firm, said the company in the exchange filing.
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The business will invest Rs 50 crore in two channels in its wholly-owned subsidiary, which Rs 25 crore will be funded by March 2024. The business said the remaining half would be paid in March 2025 in the exchange filing.
Following the update, stocks of Gujarat Toolroom struck an upper circuit of 5 percent to Rs 19.70, its new 52-week high. The share had settled at Rs 18.77 in the last trading session. The multi-bagger smallcap scrip has hit the upper circuit for the fifth consecutive session.
