Jewellery maker Gitanjali Gems Ltd has increased its stake in "Gitanjali Exports Corporation Ltd" (GECL), a material non listed Subsidiary Company from 51% to 100% and thereby made it a wholly owned subsidiary Company. 

GECL is primarily engaged in the manufacturing and exports of diamonds and diamond studded jewellery and trades in diamonds.

Gitanjali Gems has reported a 31.06 per cent increase its net profit for July-September quarter at Rs 35.19 crore over the corresponding period a year ago.

The company had a net profit of Rs 26.85 crore for the September quarter last fiscal.

The company’s net income climbed up to Rs 728.26 crore for the quarter under review, from Rs 598.27 crore for the same quarter a year ago.