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Augmont Enterprises Hits Record High on EGR Partnership
Augmont Enterprises is a company connected to the gold business.
Its share price rose to a record ₹1,062.20.
The price rose by the maximum allowed 10% for the second day in a row.
Investors were encouraged after the National Stock Exchange of India chose Augmont as a partner for Electronic Gold Receipts.
Electronic Gold Receipts let people own gold electronically while physical gold is stored safely in approved vaults.
The receipts can be traded and changed back into physical gold under regulated rules.
Augmont will help improve the systems and processes behind these receipts.
One analyst said investors holding the stock could use ₹980 as a stop-loss and watch higher price targets.
Augmont Enterprises reached a record high of ₹1,062.20 on Tuesday, 29 September.
The stock hit its 10% upper circuit for the second consecutive session.
The rally followed Augmont’s empanelment by the National Stock Exchange of India to promote Electronic Gold Receipts.
Augmont shares gained over 24.47% in one week and have returned 17% since their 31 August listing.
A market analyst said the stock could target ₹1,090, ₹1,120 and ₹1,150-plus if it sustains above ₹980.
- Who
- Augmont Enterprises and the National Stock Exchange of India, with comments from NSE official Sriram Krishnan and analyst Mahesh M Ojha.
- What
- Augmont Enterprises shares reached a record high and hit the 10% upper circuit after Augmont was empanelled as an NSE partner to promote Electronic Gold Receipts.
- Where
- The partnership concerns India’s gold market and Electronic Gold Receipts traded through the National Stock Exchange of India.
- When
- Tuesday, 29 September; the empanelment was disclosed in an exchange filing dated 26 September.
- Why
- The partnership is intended to simplify the creation and conversion of Electronic Gold Receipts, promote trading, and strengthen India’s regulated digital gold infrastructure.
Key facts
- Record share price
- ₹1,062.20
- Daily move
- 10% upper circuit for the second consecutive session
- Weekly gain
- Over 24.47%
- Return since listing
- 17% since 31 August
- Partnership
- Augmont was empanelled by the National Stock Exchange of India to promote Electronic Gold Receipts
- Analyst stop-loss
- ₹980
- Analyst targets
- ₹1,090, ₹1,120 and ₹1,150-plus
Quotes
Sriram Krishnan
Chief Business Development Officer at the National Stock Exchange of India
“The empanelment of Augmont marks an important step in building a deep and vibrant ecosystem for Electronic Gold Receipts.”
livemint.com
“Investors holding the stock can maintain a stop-loss at ₹980 and hold for targets of ₹1,090, ₹1,120 and ₹1,150-plus.”
livemint.com
Sources
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