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Rajesh Exports shares gains on export order worth Rs 1,352 crore

This was its first major order after the pandemic

February 17, 2021 / 10:12 AM IST
 
 
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Rajesh Exports share price added over a percent in early trade on February 17 after the company won an export order worth Rs 1,352 crore

The company has bagged a first major prestigious order post-COVID crore from a designer range of gold jewellery from Germany.

The said order is to be completed by March 31, 2021, the company said in the release.

This is the first major order accepted by the company after the outbreak of pandemic. Till recently international passenger flights were not operating normally due to which there was a constraint in shipping the goods (The goods are shipped through international passenger flights as valuable cargo), due to which it was not viable to accept orders, company added.

Now since the international flights have achieved near normalcy, the company has started accepting orders and the company is confident that it will be able to reach its pre-COVID revenues and profitability in the coming quarters and would also be in a position to post impressive growth owing to the remaining pent up demand of the last three quarters, it further added.

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The company will be executing the order from its own manufacturing facilities, which is among the world's largest gold manufacturing facilities.

“During the pandemic, we very cautiously handled our business and we had ensured that the company does not suffer any losses, we have been able to post profits even during the pandemic," said Rajesh Mehta, Chairman, Rajesh Exports

"The revenue and profits were significantly lower during the pandemic, which was a part of our thought out strategy of handling the business during the pandemic," he added.

At 09:51 hrs, Rajesh Exports was quoting at Rs 485.00, up Rs 5.60, or 1.17 percent on the BSE.

The share touched its 52-week high Rs 727.20 and 52-week low Rs 440.80 on 17 February, 2020 and 02 November, 2020, respectively.

Currently, it is trading 33.31 percent below its 52-week high and 10.03 percent above its 52-week low.
Moneycontrol News
first published: Feb 17, 2021 10:12 am

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