Stock price of this SME company has zoomed 311% against its issue price

Shares of PNGS Gargi Fashion Jewellery were locked in upper circuit for the 12th straight trading session, and have more-than-doubled in the same period.

Shares of PNGS Gargi Fashion Jewellery were locked at the 10 per cent upper circuit at Rs 123.20 on the BSE in Thursday's intra-day trades. The stock was locked for the 12th straight trading day at the upper limit, since its listing on December 20, 2022.

Post listing, the stock price of the company has more-than-doubled or up 106 per cent from a level of Rs 59.85. It has zoomed 311 per cent when compred with its issue price of Rs 30 per share.

PNGS Gargi Fashion Jewellery is currently trading on BSE SME Platform under the M group. The SME platform of the exchange is intended for small and medium-sized companies with high growth potential.

The SME platform of the Exchange is open for SMEs whose post-issue paid-up capital has less than or equal to Rs 25 crore. The trading, clearing and settlement in the SME segment are done on a T+2 basis. The BSE SME scrips which are listed under the "M" group, their trading and clearing and settlement are done on a net basis. The market lot size of the scrip is 4,000 shares.

PNGS Gargi Fashion Jewellery has low outstanding equity shares of 9.62 million as on December 17, 2022. The promoters held 73 per cent stake in the company. The remaining 27 per cent holding are with the individual shareholders (21.52 per cent), HUF (2.87 per cent) and Shreni Shares Private Limited (1.41 per cent), shareholding pattern data shows.

PNGS Gargi Fashion Jewellery is engaged in the business of trading costume jewelry, articles of silver and other articles. The company is engaged in the retail business of costume and fashion jewellery under the brand name “Gargi by P. N. Gadgil & Sons” launched in 2021 under the artificial jewellery segment.

The company deals in 92.5 per cent certified sterling silver jewellery and brass jewellery, idols and other silverware and related gift items. The company offers a wide range of products from artificial jewellery segment for special occasions such as weddings and festivals to daily-wear jewellery for all ages, genders and across various price points.

The company said ‘Gargi’ brand has gained immense response. The management is in process to improvise and introduce new designs as per market requirements in order to expand the business. The directors are positive to maintain a performance in the current year i.e. 2022-23 (FY23), company said in FY22 annual report.