On Wednesday, the world’s largest gold refiner, Rajesh Exports beat a UAE-based white label importer to secure an order for products worth Rs 933 crores. Previously, the yellow metal giant had made headlines with an export order of Rs 892 crore from the Middle East. The current order is expected to be completed by March 2019.
Industry experts revealed that Rajesh Exports will not have any problems whatsoever in meeting the deadline. This comes after Rajesh Exports MD and CEO were instrumental in acquiring the world’s largest gold refinery, Valcambi in Switzerland. The refinery has the capacity to process nearly 250 tons of jewelry and other gold products on an annual basis. The same will be used in executing the recently received order.
Rajesh Mehta, Chairman of Rajesh Exports said, “We have bagged a large order this month amid strong global competition which speaks volumes about the quality of our products, prompt execution, and attractive pricing.” The company has three plants for manufacturing in Cochin, Bangalore, and Dubai along with almost 80 retail stores spread across Karnataka.
Rajesh Exports has launched a new line of products with revised prices and it has earned them multiple orders from around the globe. This is expected to directly put an impact on the stock performance of the company. According to the figures observed between August 16, 2013 and August 16, 2018 state the stock growth of Rajesh Exports at 560%.
While the shares stand at Rs 571 in the National Stock Exchange, the sales observed a 2.39% rise to Rs 53,375.80 crore in Q2 September 2018. Consequently, Rajesh Exports registered a consolidated net profit of Rs 314.86 crore.