PNN
Ahmedabad (Gujarat) [India], January 28: Palm Jewels Limited (BSE: 541444), a company specialising in the wholesale gold jewellery segment, has secured orders worth Rs. 60 million at the recently held India International Jewellery Show (IIJS) and the Gujarat Gold Jewellery Show (GGJS).
Established in 2005 and headquartered in Ahmedabad, Palm Jewels participated in the IIJS in Mumbai from January 4 to 7, where it won an order worth Rs. 30 million. The company was recognised as a prominent exhibitor among 1,400 participants at one of India's biggest gem & jewellery shows.
Additionally, the company received another order of Rs. 30 million at the 14th Gujarat Gold Jewellery Show (GGJS) held in Gandhinagar from December 27 to 29. It was among the key exhibitors out of 500 participants at the show, which attracted approximately one lakh visitors.
Rohit Shah, Managing Director of Palm Jewels Limited, said, "These significant orders worth Rs. 60 million in two prestigious industry events showcase our strong presence in the gold jewellery segment and the trust of our customers. Our commitment to offering high-quality jewellery with the latest designs at competitive prices remains our key strength and we remain dedicated to touching new heights."
Palm Jewels operates primarily in the wholesale gold jewellery sector, specialising in products such as gold chains of various styles and designs for various occasions, bracelets designed to appeal to diverse customer preferences, and necklaces featuring both traditional and contemporary designs. It has showrooms at CG Road in Ahmedabad. Its division Jain Ornaments is engaged in the business of silver jewellery.
The company's median sales growth in the last ten years is 61%. Its revenue in the second quarter of the ongoing financial year surged by 46.5% over the previous year. It has achieved a reduction in costs by importing 75% of its gold requirements. The company's working capital requirements have reduced from 49 days to just 33 days, signalling improved business and better cash flow management. Moreover, investor holdings in Palm Jewels have gone up, reflecting strong confidence in the company.
Palm Jewels' shares closed at Rs. 40.63 on Friday after touching a new 52-week high of Rs. 45.45 recently. According to the technical analysis, the stock has given a solid breakout on the weekly timeframe with high volumes, indicating strong potential for good momentum ahead.
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