Stocks of Gitanjali Gems touched Rs 47.49 after announcing the merging of its subsidiaries
When a huge organization faces ups and downs in its business every time and any time, that means that the organization is on the right path of success. Fall in stocks or rise in stocks of a company are everyday scenarios which decreases and increases the overall value of the company respectively. In this striving stock market, increase in the stocks of an organization is bit tough that is why companies are trying their best to go up.
Few months back Gitanjali Gems planned to merge its subsidiaries in order to improve their cash flow and cut down their costs which resulted in rise of their stocks up to 6% at Rs 46 on BSE. The announcement of restructuring the existing group for creating better synergy of operations was approved by its board of directors. The officials of the company stated that this merging of its subsidiaries has been approved by its board which planned to amalgamate Spectrum Jewelry Limited and Asmi Jewelry India with Nakshatra Brands Limited.
The board has also approved the merging of Gitanjali Lifestyle Limited and Gitanjali Jewelry Retail with GILI India Limited which is a step-down subsidiary of Gitanjali Gems. That day the stock opened at Rs 43.25 and reached its highest Rs 47.49 around 11:15 am. It was the day for Gitanjali Gems when its shares were traded over 814,000 on Bombay Stock Exchange (BSE).
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