Rolex Rings is currently the top gainer in this lackluster market. The stock, which had closed on Friday at Rs.2255.90, opened lower today at Rs.2249 but from there, it jumped up to  hit a new high at Rs.2667.30, up over 18%.

The company announced its Q4FY24 earnings yesterday. On a net revenue of Rs.316 crore v/s Rs.300 crore (YoY), the company’s PBT almost halved from Rs.57 crore to Rs.31 crore and PAT came in at Rs.24 crore v/s Rs.46 crore, down 48%.

The company’s debt was restructured under Corporate Debt Restructuring (CDR) in year 2013 and the company has repaid all its debt. As part of the CDR process. the Lenders have a Right of Recompense (ROR) for the reliefs/sacrifices/waivers extended, with restriction such as banking relationships. assets on pledge. distribution of profits.  During Q4FY24, for the purpose of capital management, company requested the Lenders for waiver of the ROR rights. Based on the discussion with the Lenders, advice from management's consultant and the best estimate of the company, a provision of Rs.32 crore has been accounted towards probable demand against waiver of the ROR rights as an exceptional item during the quarter and year ended March 31 . 2024.

This Rajkot-based company makes forged and precision-machined components. Its equity is at Rs.27 crore.