Kalyan Jewellers Share Price Surges on Block Deal
Kalyan Jewellers witnessed a surge in its share price today following a big block deal, resulting in a positive sentiment. The share price of Kalyan Jewellers jumped by over 18% on the BSE intra-day and reached a year-high of INR 135. However, the price saw a slight dip due to profit-booking. Despite this, the share price is still on a strong upward trend. It closed at INR 131.65, up by 15.18% on the BSE today. According to brokerage reports, Kalyan Jewellers’ share price can reach INR 160.
Block Deal of 6.2% Stake in Kalyan Jewellers
As per the available data on the exchange, a block deal of 6,41,02,561 equity shares of Kalyan Jewellers was done on the NSE today. This deal accounts for about 6.2% stake in the company. The deal happened before the market opened and was worth approximately INR 725 crore. However, the details of the buyer and seller are yet to be disclosed.
Kalyan Jewellers’ Performance in Q4 FY21
Kalyan Jewellers performed well in Q4 FY21, as per its quarterly report. Its revenue increased by 18% YoY, and its gross margin improved from 15.0% to 15.7% in the Indian business. The company’s business outside South India is also growing, and its stake has increased from 34% to 39% in FY22. Kalyan Jewellers plans to reduce its gross debt to INR 300-400 crore by FY24 and open 52 stores outside South India.
Brokerage Firm’s Rating on Kalyan Jewellers
ICICI Securities has maintained its rating of buy on Kalyan Jewellers with a target price of INR 160. The company’s commitment to its franchise business, capital investment, and plan to expand outside South India will support its business growth.
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