Thangamayil Jewellery Limited listed today on the BSE at a listing ceremony. The company had issued shares in a price band of Rs 70-75. The company is based out of Madurai and is into the business of retail jewellery. The share listed at Rs 70 on the BSE and Rs 75.70 on the NSE respectively. The highs were Rs 79 and Rs 82 respectively.

Exchange	Open	High	Low	Close	Net Change	% gain	Volume	Wt Avg
BSE	70.00	79.00	70.00	71.50	-3.50	-4.67	3727309	73.85
NSE	75.70	82.00	70.70	71.55	-3.45	-4.60	5215198	73.62
Total							8942507

Brisk trading was seen on the counter and in the first hour of trade the share saw 89.4 lakh shares being traded. This volume is roughly 2.4 times the IPO size. The share has slipped from the highs and is currently holding itself between Rs 71-72. Part of the weakness could be attributed to the general weakness in the market. The BSESENSEX is down 123 points or 0.76% currently.

The company has announced its results for the quarter ended December 2009 which are excellent. The turnover for the company for the quarter has more than doubled from Rs 55.77 crs to Rs 130.47 crs while net profit is up almost four times from Rs 1.07 crs to Rs 3.985 crs. The net profit for the first nine months of the current year ending March 2010 is Rs 12.35 crs. The EPS for nine months based on expanded equity of Rs 13.72 crs is Rs 9 for nine months and Rs 12 on an annualised basis. The share at current price is available at price earnings multiple of 6 based on current year nine months annualised earnings.

Very attractive valuations and let us see how the share performs at the end of the day.