RBZ Jewellers Shares Locked In 5% Upper Limit For Second Day Since Listing

Shares of RBZ Jewellers Ltd. were locked in an upper circuit on Thursday for the second day after the company debuted on the bourses.

The stocks closed 4.99% higher on the BSE at Rs 104.9 apiece on Wednesday. On the NSE, it was up 5% at Rs 105 per share. Shares of the Ahmedabad-based company had listed flat on both the NSE and the BSE at its IPO price of Rs 100 per share.

The Rs 100-crore IPO was subscribed 16.86 times with the bid led by retail investors. The jewellery maker will use the proceeds for funding the working-capital requirements of the company and for general corporate purposes.

The strength of RBZ lies in inhouse manufacturing, a strong design team, modern machineries and strong quality control department, Joint Managing Director Harit Zaveri told NDTV Profit.

The stock was trading 5.24% higher on the BSE at Rs 110.23 per share.

It was up 5.25% at Rs Rs 110.25 apiece on the NSE. This compares to a 0.21% advance in the NSE Nifty 50 at 10:05 a.m.