Senco Gold share price jumps 2% after launching ₹500 crore QIP

In early trade, the stock rose 2% to ₹1,190 per share on the National Stock Exchange (NSE).

Senco Gold launches ₹500 crore QIP

The board of directors of Senco Gold Ltd have announced raising up to ₹500 crore via qualified institutional placement. The floor price has been set at ₹1,139.49 per share.

"The Company may at its discretion offer a discount of not more than 5% on the floor price so calculated for the issue," the jewellery chain said in an exchange filing.

Senco Gold's board gave the go-ahead to raise up to ₹500 crore through QIP or various permissible methods in October 2024.

Senco Gold Q2 results

The company had reported a 1% rise in consolidated net profit to ₹12.1 crore in the second quarter of the financial year 2024-25. In the year-ago period, the net profit was at ₹11.9 crore.

Revenue from operations jumped 31% to ₹1,500.5 crore in Q2 FY25, compared to ₹1,146.6 crore in the corresponding period last fiscal.

Revenue growth was supported by 7% volume growth in gold, 30% value growth in gold jewellery and 9% in diamond jewellery.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at ₹51.9 crore in the three-month period ended September 2024 as against ₹39.5 crore a year back.

Suvankar Sen, Managing Director and CEO of Senco Gold, said, "I am pleased to inform you that our Company has crossed one of the best-ever sales for any single month in the month of October. We have crossed Rs 1000 Crore sales during the festive period, which covers Navratri, Diwali Dhanteras etc."

"From last festive season to this festive season, we are seeing a growth of about 14-15%. In Q2 we have an overall growth of about 31%," he added.