Siyaram Silks Share Price Hits Life High After Launch Of Cadini Italy Perfume In India

Siyaram Silk Mills Ltd.'s share price surged to hit its lifetime high on Friday, a day after it launched Cadini Italy Perfumes in India at the Taj Mahal Palace, Mumbai.

The exclusive launch introduced four fragrances: Leonardo’s Secret, Italian Renaissance, Roman Affair, and Sicilian Romance, available in three variants—100 ml, 35 ml, and 2 ml, according to an exchange filing.

India signifies more than a market for Cadini Italy; its a deep connection that transcends geographical borders, the company said in the filing.

"Additionally, the launch of our e-commerce platform opens a new chapter in Cadini Italy’s journey, expanding our reach to a broader audience and making Italian elegance more accessible to the Indian demography," it said.

The scrip rose as much as 12.05% intraday to Rs 939 apiece, the highest level, before paring gains to trade 10.3% higher at Rs 923.85 apiece, as of 9:50 a.m. This compares to a 0.7% decline in the NSE Nifty 50.

It has risen 73.2% on a year-to-date basis. Total traded volume so far in the day stood at 1.92 times its 30-day average. The relative strength index was at 72, indicating that the stock may be overbought.