Bull of the day: Stock that gained 54% in 10 days

Diamond jewellery player C Mahendra Exports was up 2.50% or Rs 4.15 to end at Rs 169.95 on the BSE. However, the stock gained 54.5% in the last 10 days. It touched an intraday high of Rs 170.70 and an intraday low of Rs 163.30. There were pending sell orders of 8,770 shares, with no buyers available. The total traded volumes were of 3,686,770 shares.

On January 20, 2011 the share got listed at Rs 114, a premium of Rs 4 over issue price of Rs 110 on National Stock Exchange. Although it failed to sparkle on its debut, it has since in a falling market gained significantly.

The company raised Rs 165 crore through issue of 1.5 crore equity shares, which will be used for setting up of a diamond processing unit at Gujarat Hira Bourse, SEZ, Ichchhapore, Surat; setting up a jewellery manufacturing unit at Mumbai; setting up retail outlets; brand development expenses and investment in capital of C Mahendra BVBA.

The group is an integrated diamond and diamond jewellery player encompassing sourcing of rough diamonds, trading of rough and polished diamonds, processing of diamonds and manufacture of diamond jewellery.

A total installed capacity of 120,000 carats will be in place for the new diamond processing unit. Two such units are currently operational for the company in Gujarat.

The firm eyes scaling up its retail outlets to 28 from the current 9 by 2013.

In 2010, the company's income from operations rose 21% to Rs 1,853 crore.