MUMBAI, India, Nov. 3, 2020 /PRNewswire/ -- Ratlam based D.P. Abhushan Limited (NSE: DPABHUSHAN), engaged in retail jewellery segment, migrates from NSE Emerge to Main Board of NSE. The listing ceremony of the Company was held today at Hotel Marriott, Indore, where Shri Om Prakash Ji Sakhlecha (Minister of MSME and Science & Technology, State Government of Madhya Pradesh) was invited as Chief Guest to do the honors. The stock opened at price of Rs. 129.30/- on the listing day.
The Company has been on path of consistent progress. In the last month, the Company declared strong set of half yearly financial results for 30th Sept.'20, where the PAT for the half year ended Sept.'20 was increased by 52.7% to Rs.10.3Cr. as against Rs.6.8 Cr. in previous H1 FY20. Further, the Company has launched its two new aesthetic showrooms in Ujjain (M.P.) and Bhilwara (Rajasthan) in Aug.'20 and Oct.'20 respectively and is all set to open another new showroom in Kota (Rajasthan) this year. This certainly is an encouraging news for the jewellery community in India as companies and industry are struggling during the COVID-19 era.
The stock of the Company has given a return of around 360% to its shareholders in last 3 years. The IPO of the Company was brought by Hem Securities Limited (Lead Manager to the Issue) in Oct. 2017. The Market Capitalization of the Company at the time of IPO in 2017 was Rs. 62 Crores which has now gone over to Rs. 280 crores in just 3 years.
Commenting on this development, Mr. Santosh Kataria, Whole Time Director, D.P. Abhushan, said:
"I am very delighted to announce that our Company has successfully migrated from the NSE Emerge platform to the NSE Main Board. This opportunity will create better visibility for the Company to reach out to a wider investor community. The migration bears a testimony to our performance and client confidence. Our Company has grown significantly since listing on the SME platform, and we believe we are ready for this larger platform that would not only provide us greater visibility in the market, but also enable us to achieve new and higher benchmarks.
This move to the Main Board also comes at an appropriate time, as our Company is expanding its reach in India.By the end of this financial year, our Company will be offering to the tech savvy generation of online shoppers, daily wear, light weight lower price point jewellery on its own e-commerce platform, which will have state-of-the-art technological features appealing to the young customers.
Moving ahead as the wedding and festive season lies ahead of us, we foresee a substantial increase in demand of gold and diamond jewellery. Further, we expect gold jewellery to remain in high demand due to the high promising returns given by it in the last decade."
About D.P. Abhushan Limited
D.P. Abhushan Ltd. (popularly known as D.P. Jewellers) has been spreading its magic for over 80 years, and has been a trusted and renowned jewelry brand offering a variety of options in costume & fashion jewellery with a wide range of products for jewellery aficionados as well as casual buyers. Behind the glitz, glam and all the glitter is the expertise of four generations, who have broken the extremely cluttered jewellery market by introducing fresh and novel youth based jewellery designs. With a legacy of great craftsmanship D.P. Abhushan stands apart, creating golden relationships with its esteemed customers, delivering exactly what they are looking for with exquisite designs and purity. The first retail store was opened in 1965 in Ratlam (M.P.) and today the Company has six retail stores in the six different cities of India i.e. Ratlam, Ujjain, Indore, Bhopal, Udaipur and Bhilwara. With its exquisite designs and stringent business ethos DPJ has been winning hearts across central India. We sell wide range of jewellery products in gold, diamond and platinum studded with precious and semi-precious stones such as rings, earrings, armlet, pendants, gajrahs, nose rings, bracelets, chains, necklaces, bangles and also make customized jewellery for weddings.
SOURCE D.P. Abhushan Limited