Kalyan Jewellers jumps over 3% after block deals in 4.63% stake

Around 4.63 percent stake of the company changed hands in eight block deals, Bloomberg reported. However, details of the buyers and sellers were not known.

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Shares of Kalyan Jewellers India Ltd opened sharply higher after a 4.63 percent stake in the company changed hands in eight block deals on February 8, Bloomberg reported. Details of the buyers and sellers were not known immediately.

At 9.20am, the stock was trading at Rs 349 on the BSE, up 3 percent from its previous close.

On January 31, Kalyan Jewellers posted a 21 percent on-year increase in consolidated net profit to Rs 180.3 crore for Q3 FY24, while its revenue surged 34 percent to Rs 5,223 crore and with EBITDA up 13 percent to Rs 369.7 crore. The EBITDA margin, however, decreased from 8.4 percent to 7.1 percent. The company’s Middle East operations saw a 6 percent growth in Q3 FY24, generating Rs 683 crore in revenue, but PAT dropped from Rs 17 crore to Rs 14 crore on-year.

Kalyan Jewellers has partnered with Candere.com to make it their online platform for its iconic collections like Ziah, Glo, Mudhra, Nimah and Sankalp.

Candere reported Q3 FY24 revenue of Rs 29 crore (compared to Rs 44 crore in Q3 FY23) with a loss of Rs 1.6 crore (slightly lower than Rs 1.7 crore in the same quarter last year).

The company’s consolidated revenue grew by approximately 31 percent in the first nine months of the current financial year, and India’s revenue increased by 36 percent due to network expansion and strong same-store-sales growth. Ramesh Kalyanaraman, executive director, expressed optimism for a strong end to the financial year.

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