Shares of one of the oldest jewellery marker Tribhovandas Bhimji Zaveri nosedived on Thursday after the company posted nearly 90% drop in the Second quarter net profit for the financial year 2017-2018. Tribhovandas Bhimji Zaveri reported an 89.86% fall in the net profit to Rs 79.84 lakh, on yearly basis. The jewellery maker reported a profit of Rs 7.88 crore in the July-September period for the financial year 2016-2017. Following the weak quarterly earnings, the stock crashed 15.52% to hit the day’s low of Rs 116.4 on BSE while it fell 16.14% to Rs 115.6 on NSE. As at 10.40 am, about 30 lakh shares exchanged hands on both BSE and NSE.
The stock of Tribhovandas Bhimji Zaveri has more than doubled the investor’s wealth from the last one year. Shares of TBZ have jumped over 115% to Rs 137.85. Tribhovandas Bhimji Zaveri started its operations in 1864, in a tin shed at Zaveri Bazar in Mumbai with the vision of Late Shri Bhimji Zaveri to facilitate India the jewellery it deserved, that of uncompromising quality and craftsmanship.
The company was further led by his son, Late Shri Tribhovandas Bhimji Zaveri, who worked on expanding the business by opening new showrooms. But the major turn around came in when his grandson Late Shri Gopaldas Zaveri offered a full value gold buy-back scheme to customers. Earlier this year, Tribhovandas Bhimji Zaverirecently posted a sharp rise of 159.11% in the April-June net profit to Rs 5.83 crore versus Rs 2.25 crore during the previous quarter ended June 2016.
Sensex and Nifty slipped in the early morning trade on Thursday as market sentiments seemed to have turned negative ahead of India’s GDP growth data which is due later today evening. The stocks of Kotak Mahindra Bank, SBI, Reliance Industries, Axis Bank, Bharti Airtel traded in the red. BSE Sensex lost 224.79 points to hit the day’s low of 33,377.97 while NSE Nifty shaved off 65.8 points to mark the day’s low at 10,295.5. Meanwhile, most of the Asian shares also slipped in the early morning session on Thursday, triggered by the plunge technology shares after the US technology benchmark index lost nearly 1% on Wednesday. The Indian rupee also shed 24 paise at 64.55 against the US dollar in early trade on Thursday ahead of the September quarter GDP data.