India's Thangamayil Jewellery jumps on entry in 'high potential' market

Thangamayil Jewellery

25/02/2025 08:03

** India's Thangamayil Jewellery  THNG.NS  rises 20%, the
exchange-allowed maximum, to 1,863.05 rupees
    ** Stock on track for biggest one-day pct gain since June
2024, snaps seven-session losing streak
    ** Co sees opening day sales of 161 million rupees ($1.85
million) in its new Chennai store 
    ** THNG did not have a material presence in Chennai before,
a high potential market, which makes up 40%-45% of Tamil Nadu
state's jewellery sales - HDFC Securities
    ** Brokerage expects THNG to adopt a "cluster strategy" and
launch another 10-15 stores in Chennai and nearby areas over the
next 12-18 months, getting the most bang for its buck
    ** With session's rise, stock extends 12-month gain to 44.5%
    
   


($1 = 87.1550 Indian rupees)

 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))