Crow Verdict: Jewellery is a non-essential business but which if done right can make good money. That may not always translate to stock investors though. History tells me that jewellery stocks usually are potential laggards and Titan, Rajesh Exports, and recently listed Senco are only outliers. Still, I see some worth in MVGJL thanks to its tiny issue, cheap valuation, and buoyant market for gold and gem jewelleries. The only thorn in my assessment is the 60%+ revenue concentration from its flagship, which also highlights the dependence on AP and Telangana, 2 states where business norms are tighter than my beak. Apply if you can stomach a flat listing.
Crow's skin in the game: Will secure 1 retail lot only if QIB crosses 30x.
Crow's last APPLY recommendation: SAMHI Hotels (7% listing pop and currently up 15%).
Always in restraint of Mrs. Crow.