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Gitanjali Gems FY'09 net dips 6%

Gitanjali Gems today reported a decline of 6.29 per cent in its consolidated net profit at Rs 150.58 crore for the year ended March 31, 2009, over the same period in the previous fiscal. The company had a net profit of Rs 160.69 crore in the same period ended March 2008, Gitanjali Gems said in a filing to the Bombay Stock Exchange. Net sales of the company rose to Rs 5,088.87 crore for the year ended March 2009, against Rs 4,831.73 crore in the same period last year.
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The Hindu Business Line -Gitanjali Gems: Buy

The substantial price falls suffered by the stock of diamond jeweller, Gitanjali Gems, offers an entry for investors with a long investing horizon. At Rs 41, the stock has fallen 87 per cent from a high of Rs 315, in May 2008. The share trades at just 2.4 times its trailing standalone earnings versus closest competitor Titan’s price-multiple of 16 times. The stock’s fall may have been precipitated by the floundering gems and jewellery industry — imports and exports deteriorated, both mining and production were put on hold —but appears to have discounted a fair bit of the negative news. For Gitanjali, a rising proportion of domestic retail sales (as opposed to exports), a shift in product mix towards jewellery (from low-margin polished diamonds) and diversification moves suggest reasonable growth prospects over the long term. The company’s presence across the value chain allows sourcing from both the Diamond Trading Corporation and other mines (helping better cost control), while forwar...
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Todays Pick from Newspapers

The Hindu Busines Line ACC (Rs 789.45): Buy We recommend a buy in ACC from a short-term perspective. It is clearly evident from the charts of ACC that the stock has been on a downtrend from its life-high of Rs 1,315 touched in mid October 2007. The stock found support at the key long-term ... More The Economic Times Gitanjali Gems CMP: Rs 303.50 Target Price: Rs 547 Research Morgan Stanley Unitech CMP: Rs 397.25 Target Price: Rs 454 Reseach Citigroup Seamec CMP: Rs 168 Target Price: Rs 240 Research Emkay Shares and Stockbrokers Firstsource sol CMP: Rs 50.30 Target Price: Rs 80 Research Merrill Lynch Dishman Pharma CMP: Rs 275 Target Price: Rs 419 Research -Enam Securities
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