There is selling pressure in the stock market during trading on Wednesday as well and Nifty came close to its support level of 23800.
Markets are dominated by the sellers. FIIs have been net sellers for quite a while. Experts believe that if selling continues in the market, then Nifty can also see levels of 23500.
Meanwhile, stock-specific action is being seen in the market. Some investors are also eyeing penny stocks with strong fundamentals.
A penny stock of the jewelry segment is on the radar of investors and it has been showing upper circuit continuously for two days. This stock is Ashapuri Gold Ornament Ltd.
Ashapuri Gold Ornament Ltd is an antique jewelry manufacturer and supplier company. It does business with gold jewelry in its different designs.
Ashapuri Gold Ornament Limited has recently signed an agreement with Titan Company, after which its share price has been showing upper circuit for the last two days.
The share of Ashapuri Gold Ornament Ltd hit an upper circuit of ₹ 8.97 on Wednesday after rallying 4.18%. The company is listed on the market with a value in the region of 298.98 crore rupees.
Ashapuri Gold Ornament Ltd has entered into an agreement with Titan Company Ltd for the supply of gold jewelry.
The agreement takes effect starting on the 1st of August, 2024 and runs until June 30, 2026, that is a general structure to supply gold jewelry by those specific orders for purchase made through Titan during the term of the contract.
The agreement is between an Australian entity Titan Company Ltd and focuses on the provision of gold-plated jewellery.
While the contract doesn’t specify the monetary value of the contract, however, it demonstrates its commitment by Ashapuri Gold Ornament Ltd to fulfill Titan’s requirements for the development of gold jewelry throughout the duration of the contract.
On September 20, 2023, In September 2023, an FII purchased 58,07,279 shares of 1.74 % stakes in Ashapuri Gold Ornament Limited, which sparked some pressure on the price of shares. The stock is up 30 percent from its 52-week low of Rs 6.64 per share.
Quick Fact
| Company name | Ashapuri Gold Ornament |
|---|---|
| Type | Antique jewelry |
| Segment | Gold jewelry |
| Market Cap | ₹298.98Cr |
| Agreement Partner | Titan Company |
| Agreement Start Date | 1 August 2024 |
| Agreement End Date | 30 June 2026 |
| Agreement Purpose | Gold jewelry supply |
| FII Purchase Date | 20 September 2023 |
| FII Stake | 1.74% |
| FII Share Quantity | 58,07,279 shares |
| Recent Increase | 30% from 52-week low |
| Current Circuit Price | ₹ 8.97 |
| Recent Gain | 4.18% |
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Sir