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Stocks

No Buyers For Gitanjali Gems, Down 20%

Gitanjali Gems is now down 20% and at the lower circuit on the NSE. The stock has fallen from it’s Rs. 500 close on Friday to Rs. 400, and there are more than 10 lakh (1 million) sell orders, with no buyer in sight.

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(Note that it’s still substantially above the 52 week low)

The stock has been showing signs of cramping. The news about the RBI cutting credit for gold imports was in May for banks, and they extended the circular to any importing agency in June. The news took a while to sink in. But the technicals seemed to show a slowdown a little while earlier:

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It’s difficult to have traded this, since Gitanjali isn’t in the F&O list. If you held it from 2011, you might have had a purchase prices as low as 182 or as high as 405, so it’s still not too bad. However, with no buyers in sight, it’s not clear where this fall will end.

  • Sanjay says:

    From where I can get trading details of a stock? Is it available on NSE website? Is it available at market time.

  • Kaushik says:

    Tit for tat. Till 2 months back they use to run full page advertisements in TOI everyday with innumerable brands(some featuring to be jailed Sanjay Dutt). God forbid if ppl actually bought them.
    The gold stuff they sell is way high on mark-ups. The online stores once I checked are also having outrageous pricing. The kind of marketing they do was obscene and I am more than happy if they get shorted 20% downfilter day after day till zero.

  • Murty says:

    When it will fall down to 10?
    500—400Monday
    400-380Tue
    380-304Wed
    304-242THU
    242-194FRI
    194-156MON
    156-125TUe
    125-100Wed
    100-80Thu
    80-64Fri
    64-52-Mon
    52-41Tue
    41-33Wed
    33-30Thu
    30-24Fri
    24-20Mon
    20-16Tue
    16-13Wed
    13-10Thu…………..18th July

      • Murty says:

        So,
        On 4th July, the BIG BRO declares that from that day onwards, the World will move on to a single currency. If any one even thinks against it, let us declare war on them. from today onwards, the entire GOLD in the World either gets converted into trash or it will come to us. Let us build the WORLD Pipelines in such a way that all OIL WELLS are diverted to US. There will be only one USEX, and no other Streets will be operating! If any one fights against it, we will cut the internet connection…….
        HAHAHAHAHAHAHAHAHA!!
        God bless US!

  • Murty says:

    Deepak, My God!
    I didn’t noticed until I saw the NSE today. You already told yesterday… there are only sellers. NO BUYERS!
    Tell me the LORD OF THE RINGS!
    Don’t you think it is a scam?
    today, around 45Lakh shares were sold. If no one is buying, where they go?
    My God! 40% in two sessions! Means around 55Lakh shares were SOLD to someone, at rates ranging from 500 to 320. And whoever bought them, will now increase the price to 500 again within a day or two, and all the speakers from the Company and outside it will just say BLAH BLAH BLAH……..55L multiplied by 100 on an average……just 55 crores? in just a few trading sessions! Please enlighten us!

  • Murty says:

    Dal mein kuch kaalaa hai!

  • JustSaying says:

    Will gold import affect this stock so much that it is down 40% in two days? What will be the real level for Gitanjali Gems based on the earnings and P/E multiple? Will be good to see some analysis on all jewellery stocks including Tanishq (Titan).

  • Murali Krishna says:

    Dear really this is surprising. The drop in price is so sharp. I would like to know about Opto circuits from you, as it also did the same recently.

  • Murty says:

    that’s another 10% today!

  • Murty says:

    The book value in the last financial year statement is 272. But if it goes as per today’s gld rate fall of 3%,…….WHO KNOWS?
    230 tomorrow?

    • Murty says:

      another 10%———262

      • Murty says:

        Now I feel like an ORACLE, as it fell another 10%.
        Meanwhile, I have scanned the Recommendations for the entire June from a Popular DAILY……
        And you know what, It reminded me the same story , once my grandpa told me. The story of the son of a sage, who will do exactly opposite to what is asked for. So, the sage planned it otherwise, and asked him to do the opposite of what is expected, and the little sage followed suit.
        Of course there are exceptions like Future retail and another stock, but the rest of the recommendations for the entire month of JUNE, went exactly in the opposite direction.
        So, this time, folks, please follow the newspaper, and decide against the advise. If they say BUY , you sell it , and if they say SELL, you buy it . It is a sure shot.
        CMC(Prediction for today is right), Century Textiles, L&TFinance, United Phosporous, Autoline Industries, Syndicate Bank, Idea Cellular, HIndalco(OHMYGOD), Sesagoa,Future Retail(Prediction was right), Ajanta Pharma, JKLCements, SaskenComm., Dolphin Offshore, SatyamComputers(This is a Joke), DishmanPharma, NLC, PFC,
        Strictly No brainers!
        And you wait for the July Series

        • Murty says:

          With the PFC prediction being another exception, it would be 3 going right out of 18 reccos! Good percentage of success!
          16.66% is a very good score

  • Murty says:

    That’s another 10% in two days time, as the bourses interfered with reducing circuit limits, otherwise my target today would have been reached!
    By the way, Deepak, who will decide this 10 or 5 or 30% drop in share price? Obviously not the investors. But who are these people and how they do it? Nifty today shows the seller’s column alone with an empty response from buyers. I doubt whether the PROMOTORS just keep quite!
    They will buy all the stock now at a price less than 200 and again in a few more sessions, it will reach 500 who knows?

  • Murty says:

    They will become rich overnight , while we wait on the sidelines!

  • Murty says:

    another 5% today……Where is the bottom? Macquirie Holdings got the pledged shares…………………..

  • Murty says:

    Another 5% today

  • Murty says:

    Deepak,
    Luckily, Saturday is a holiday and Sunday too…………How about a 20% Rise on Monday? ARE YOU KIDDING? Just wait and see!