Sky Gold Ltd. announced on Thursday that the company will officially change its name to Sky Gold and Diamonds Ltd. effective from April 3.
Earlier, on Jan. 15, the company's board of directors approved the change of name of the company from 'Sky Gold Ltd' to 'Sky Gold and Diamonds Ltd' on receipt of approval from the Ministry of Corporate Affairs on name availability and subject to the approval of members, according to an exchange filing.
Sky Gold specialises in 22-carat and 18-carat lightweight jewellery, catering to large jewellery companies like Malabar Gold, Senco Gold, and Kalyan Jewellers. The company recorded a significant uptick in sales volume in the third quarter of the current financial year, driven by the wedding season demand.
On Feb. 22, the top executive expressed optimism about the company's growth after strong performance in the December quarter. The company is now aiming to focus on inventory and ticket size adjustments to maintain the momentum, Mangesh Chauhan, managing director and chief financial officer of Sky Gold, told NDTV Profit.
The B2B jewellery manufacturer is anticipating strong growth in coming quarters as it adapts to changing consumer demand and rising gold prices. After a strong Q3, the Mumbai-based company has strategised a growth plan for upcoming quarters amid reduced consumer spending due to rising gold prices.
"Last December was very good for us. We raised an average volume of 475 kg per month, with a quarter-on-quarter increase of 25% and a 30% rise in volume in rupee terms," Chauhan said.
One analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 44.1%.
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