RBZ Jewellers share price hits 5% upper circuit for fourth straight session post-listing. Do you own?
Stock market today: RBZ Jewellers shares have been in uptrend since it listed on BSE and NSE on 27th December 2023. After par listing, RBZ Jewellers shares attracted big buying interest by investors on the listing date and touched 5 per cent upper circuit on BSE and NSE.
After touching upper circuit on 27th December 2023, the jewellery stock touched upper circuit on following two sessions in 2023 as well. However, it seems that RBZ Jewellers shares still possess some steam for upside.
Circuit to circuit stock
RBZ Jewellers share price today opened upside on first trade session of the New Year 2024 and once again it touched 5 per cent upper circuit after scaling to 121.50 apiece levels on NSE. So, this jewellery stock has touched 5 per cent upper circuit on all four sessions since it listed on Indian bourses. Therefore, RBZ Jewellers shares have emerged one of the circuit to circuit stocks of Indian stock market in just four days of its listing on Indian bourses.
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Speaking on the reasons for continuous circuit in RBZ Jewellers shares, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, “RBZ Jewellers shares have listed in trade-to-trade category. This means, one won’t be able to buy and sell the stock on the same date. Apart from this, the stock is lower in size and hence, it was expected ahead of its listing that it would be one of the circuit to circuit stocks of the Indian stock market. As the circuit band is just 5 per cent, it is hitting upper circuit at small trade volume as well.”
RBZ Jewellers share details
RBZ Jewellers IPO was launched in December at a price band of ₹95 to ₹100 per equity share. After three days of bidding from 19th December 2023 to 21st December 2023, RBZ Jewellers shares listed on BSE and NSE at ₹100 apiece levels. After par listing, RBZ Jewellers share price witnessed selling pressure and it touched intraday low of ₹96 on NSE and ₹95 apiece on BSE (touching lower circuit immediately after listing). However, it attracted buying interest at lower levels on listing date and gave sharp upside movement touching 5 per cent upper circuit.
So, after four days of its listing, RBZ Jewellers shares have delivered 21.50 per cent return to those allottees, which remained invested in the stock despite par listing on Dalal Street.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.Also
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Published: 01 Jan 2024, 01:26 PM IST
