TBZ shares extend rally as GRT Jewellers deal sparks growth optimism
TBZ shares scale fresh 52-week high of ₹430 on the NSE
Tribhovandas Bhimji Zaveri (TBZ) shares surged 17.2% to a record high on Wednesday, fueled by the prospect of growth following GRT Jewellers' agreement to acquire a significant stake in the jewellery retailer. The deal, which will see GRT Jewellers, a major player in southern India's jewelry market, take a 74.12% stake in TBZ from its top shareholders for ₹10.34 billion, sent the stock soaring.
TBZ shares reached a new 52-week high of ₹430 on the National Stock Exchange (NSE) before settling at ₹400.40 by 10:57 am. The stock opened at ₹380, up from its previous close of ₹366.80. Following the announcement of the share purchase agreement, TBZ shares have continued to gain momentum over two consecutive trading sessions.
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