Rajesh Exports hit a fresh high after company bagged new order from Middle East

Rajesh Exports Ltd., India's top jewellery maker, hit a fresh record high after the company said it bagged a new order from the Middle East.

Rajesh Exports has won a contract worth 1,170 crore rupees from a company based in the United Arab Emirates to supply gold and diamond encrusted jewellery, the company said in a statement to the exchanges.

This order will significantly add to the bottomline,'' the release added.

As a result, Rajesh Exports rose 30 rupees, or 5.2 percent, to 602.80 rupees on the National Stock Exchange where 18 lakh shares were traded compared with the 5-day average of 16 lakhs.

Rajesh Exports has seen its market capitalisation surge 300 percent to 17,600 crore rupees in the past one year. The stock trades 4.8 times its book value of 124 rupees.

(Image credits: Indiatimes)