Orosil Smiths launches Silver Bars with specification of 100 gm; Stock hits upper circuit

21 Feb 2022 , 09:45 AM

Orosil Smiths India Limited launches Silver Bars with a specification of 100 gm. This comes closely after the launch of its hallmarked Gold Coins under ‘Sincere’, its Gold Jewellery Brand, with specifications of 2.5 gm, 5 gm, and 10 gm.

The company stock hit 5% upper circuit at Rs7.06 per share during early morning trade on Monday from its previous closing of Rs6.73 on the BSE.

“The company has recently launched its new collection of silver bars, which shall be instrumental in the company’s business, considering the market expected from its launch. Be it gifting or investment or traditional buying, silver has its own significance in the Indian culture,” the company said in a filing on Saturday.

The Silver Bars of 100 gms weight shall be available for online purchase on the company’s web portal and will be safely handed over to customers on a pan India basis. The silver bars have a purity of 99.9%.

Bhushan Kumar Narula, Orosil’s Managing Director commented: “Today Silver is probably one of the best investment options for people worldwide. Not only is it more affordable than gold, it is as reliable. In fact, industry experts have even predicted a supply deficit for the global physical silver market in 2022.”

According to NASDAQ – ‘The industrial demand for silver is rising. Silver is used in solar power and electric vehicle applications. Hence, growth in the global solar PV industry, a likely rebound in global computer shipments, as well as new sources of demand for sensors used in IoT are providing a boost to silver demand. In addition, the recent emergence and rollout of 5G globally has also contributed to the rise in the demand for silver globally. Silver’s role in 5G applications is forecasted to rise significantly by 2030 as per expert reports’.

“Taking into account all these factors it won’t be wrong to say that this is the best time to invest your bulk money on silver commodities like silver bars and easily save money for your future. As the silver bars have a good demand in the market, you will not have any problems when you want to sell them at a later stage,” he added.

“Sil-Bars is expected to contribute in the revenue considerably, in view of the attractive price rates and the forecasts regarding increase in Silver demand. We hope that this new addition goes a long way towards generating more goodwill and trust for our brand and products and leaves a long lasting, positive impression in the minds of customers across all generations”.

“As a welcome gesture to its newly launched segment, Orosil is offering an extra discount of 1% to its customers who are willing to purchase the bars on cash basis. It is also offering an attractive discount on bulk orders.” he announced.