TBZ plunges over 15% on poor Q2 results
NEW DELHI: Shares of jewellery maker Tribhovandas Bhimji Zaveri (TBZ) dropped over 15 per cent in Thursday’s trade after the company said its net profit for September quarter plunged nearly 90 per cent YoY to Rs 0.80 crore.
The scrip fell 15.52 per cent to hit a low of Rs 116.40 on BSE.
The company said the momentum in the second quarter was good, but the notification issued under the prevention of money laundering act that mandated the gems and jewellery sector to ask for and collect KYC details from customers for purchases above Rs 50,000 hurt the demand during Navratri and Dussehra.
But, post the revoking of the notification in the first week of October, sales picked up, the company said. The performance in October and November as good. The momentum may continue in the wedding season, it added.
For the September quarter, sales for the company fell 26.8 per cent YoY drop to Rs 326.02 crore.
Tribhovandas Bhimji Zaveri (TBZ) is engaged in manufacturing/trading and selling of jewellery.
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Via:: Economic Times – Stocks