PNGS Gargi Fashion Jewellery shares had closed 10% upper circuit at Rs 123.20 on BSE in intra-day trade on Thursday. The stock closed at the upper range for the 12th consecutive trading day since its listing on December 20, 2022.

The company’s share price has more than doubled or 106% from Rs 59.85 levels after listing. Its share price is up 311% from its issue price of Rs 30 per share.

PNGS Gargi Fashion Jewellery is trading on the BSE SME platform under M Group. The exchange’s SME platform targets small and mid-sized companies with high growth potential.

The exchange platform is open to SMEs with post-issuance paid-up capital less than or equal to Rs 25 crore. The trading, clearing and settlement of the SME segment are carried out on a T+2 basis. Trading and clearing settlements of BSE SME shares listed in group ‘M’ are on a net basis. The market lot size for a stock is 4,000 shares.

PNGS Gargi Fashion Jewellery has 9.62 million shares outstanding as of December 17, 2022. The promoters hold a 73% stake in the company. Shareholding pattern data shows that the remaining 27% of shares are held by individual shareholders (21.52%), HUF (2.87%) and Shreni Shares Private Limited (1.41%).

PNGS Gargi Fashion Jewellery is engaged in the trade of costume jewellery, silverware and other items. The company is involved in retailing apparel and fashion jewellery under the brand “Gargi by P. N. Gadgil & Sons”, which was launched in costume jewellery in 2021.

The company carries 92.5% certified sterling silver and brass jewellery, idols, other silverware, and related gift items. The company offers a wide range of products, from costume jewellery for special occasions like weddings and festivals to everyday wear jewellery for all ages, genders and price points.

The company said the “Gargi” brand had received an enormous response. The management is improvising and introducing new designs to expand the business according to the market demand. In its FY22 annual report, the company said the directors were optimistic about maintaining the performance for the current year 2022-23 (FY2023).