National News
Shringar – House of Mangalsutra files IPO papers with SEBI
Leading mangalsutra brand Shringar House of Mangalsutra has filed IPO papers with SEBI to raise *Rs 250 crore* for working capital & general corporate purposes. The IPO is entirely a fresh issue of *2.43 crore equity shares.
Financial Performance
Fiscal 2024 Revenue: ₹1,101.52 crore (up 16% from ₹950.22 crore in FY23)
* Profit After Tax (PAT) for FY24: ₹31.10 crore (up 33% from ₹23.36 crore in FY23)
H1 FY25 (as of September 30, 2024)
Revenue: ₹687.13 crore
PAT: ₹33.03 crore
National News
GJEPC Leadership Meets Maharashtra CM Shri Devendra Fadnavis To Discuss Key Industry Priorities
Discussions Centred On Fast-Tracking The Maharashtra State Gem & Jewellery Policy 2025, India Jewellery Park Mumbai Progress and Infrastructure Support To Strengthen The State’s Industry Ecosystem
Shri Kirit Bhansali, Chairman, GJEPC and Shri Anoop Mehta, Convenor – Diamond Panel, GJEPC & President, Bharat Diamond Bourse, met Hon’ble Chief Minister of Maharashtra Shri Devendra Fadnavis in Mumbai on 18 May to discuss key priorities concerning the growth and development of the gem and jewellery sector in the state.
The talks focused on initiatives aimed at strengthening Maharashtra’s position as a leading hub for the gem and jewellery industry and enhancing ease of doing business.
A key issue discussed was the implementation of the Maharashtra State Gem & Jewellery Policy 2025, India’s first dedicated policy for the gem and jewellery sector, aimed at attracting investments worth ₹1 lakh crore and creating over 5 lakh jobs. GJEPC urged early notification and operationalisation of the policy, while the Chief Minister assured expedited implementation.
The Council leadership also reviewed progress on India Jewellery Park Mumbai (IJPM), covering infrastructure, site readiness and financial matters, including interest waiver requests, with positive outcomes expected for timely project advancement.
GJEPC further sought a single-window permission system for exhibitions and trade events held in Mumbai, citing IIJS, the world’s second-largest gem and jewellery exhibition.
The Council leadership also requested Metro connectivity extension to the Bharat Diamond Bourse to support 30,000-40,000 daily commuters, which received prompt approval.
Shri Fadnavis extended strong support and commitments towards industry growth, reinforcing government-industry collaboration to boost investment, manufacturing, exports and employment.
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