This newly-listed stock surged 10% to hit fresh high levels today. Here is why

International Gemmological Institute India Ltd (IGIL) shares saw a sharp upward move in Thursday's trading session. The stock, which got listed last Friday (December 20), today zoomed 10 per cent to hit its upper price band of Rs 580.45. At this price, the diamond certification player's scrip has gained 39.20 per cent as against the issue price of Rs 417.

Last checked, around 21.04 lakh shares were seen changing hands on BSE today. The figure was lower than the two-week average volume of 24.95 lakh shares. Turnover on the counter came at Rs 119.96 crore, commanding a market capitalisation (m-cap) of Rs 25,084.71 crore. There were 2,22,594 buy orders against sell orders of nil shares.

Today's sharp climb came after the company said it acquired a complete stake in IGI Netherlands BV and International Gemmological Institute BV for a consideration of $ 88,440,543 and $ 69,761,445, respectively. "We would like to inform you that the company has acquired 100 per cent stake in IGI Netherlands BV and International Gemmological Institute BV for a consideration of $88,440,543 and $69,761,445 respectively. Pursuant to acquisition now IGI Netherlands BV and International Gemmological Institute BV are wholly-owned subsidiaries of the company," it stated in a BSE filing.

IGIL has acquired the above two mentioned companies from BCP Asia II TopCo. The primary business of IGI Netherlands BV is to provide services related to certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewellery and colored stones as well as the offering of educational programs

International Gemmological Institute is involved in the business of diamond screening and detection services (authenticity and quality assessment and issuance of diamond certificates and reports), diamond sorting services, laser scribing of diamonds, and courses in gemology.

IGI Netherlands BV has presence in Dubai, Israel, Thailand, Hong Kong, China and Egypt via its subsidiaries. IGIL is a gemological laboratory that certifies diamonds, gemstones, and jewellery.

As of September 2024, promoters held a 76.55 per cent stake in the company.