Kalyan Jewellers jumps 12% on large block deals

Around 6.4 crore shares, representing 6.2 percent equity, changed hands in six block deals today.

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Shares of Kalyan Jewellers India jumped 12 percent on June 16 after a large trade happened on the bourses.

Around 6.4 crore shares, representing 6.2 percent equity, changed hands in six block deals today.

Moneycontrol could not immediately ascertain the buyers and sellers in this deal.

At 09:22 am, shares of the company were quoting at Rs 124.45, up 8.88 percent, on the BSE. The scrip is up 16 percent in the past one month.

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In Q4 of FY23, consolidated net sales rose 18 percent YoY to Rs 3,381.80 crore whereas profit after tax was down 3 percent at Rs 70.09 crore.

Management sees buoyant growth driven by successful execution of FOCO model yet displayed roadmap to trim debt paring non?core assets.

Kalyan Jewellers India is said to be exploring various strategies to reduce its debt burden. One of the strategies being considered is the sale of aircraft owned by the company, a news report had said in mid-May.

The proceeds from this sale would be reportedly utilised to cut existing debt. The gross debt is expected to fall by 15 percent in FY24.

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