Shares of Kalyan Jewellers surged by 15% to hit a fresh 52-week high today; here’s why

Shares of Kalyan Jewellers India opened at Rs 119.25 and closed at Rs 131.65 up by 15.18%. Today it touched a fresh 52-week high of Rs 135 and it has a 52-week low of Rs 55.25. So far 35,16,834 shares were traded over the counter at BSE. The company has a market capitalisation of around Rs 13,500 crore. 

According to exchange statistics, 6,41,02,561 equity shares of Kalyan Jewellers were traded in a block deal on the NSE today. This equates to a 6.2% interest in the corporation. The transaction took place before the market opened and was worth approximately Rs 725 crore. Although it was not immediately clear who sold and who bought these shares.    

The significant increase in the share price was caused by big block deals. This year, Kalyan Jewellers intends to open 52 new FOCO (Franchise Owned Company-Operated) outlets. Long-term prospects are favourable because it would boost profits by reducing debt. The company will soon become a dominant player in the pan-India jeweller market. 

Additionally, the corporation also alerted exchanges on Thursday of appointments to key managerial roles. Among them was TS Anantharaman’s reappointment as Non-Executive Independent Director for a three-year term beginning December 15. His reappointment will be subject to shareholder approval, according to an exchange filing.  

Kalyan Jewellers India is one of the largest jewellery companies in India. It started in 1993 with a single showroom in Thrissur, Kerala and has since expanded to become a pan-India company. It caters to its customers’ unique preferences through local market expertise and region-specific marketing strategies. It designs, manufactures and sells a wide range of gold, studded and other jewellery products across various price points. It is led by a management team with extensive experience in the jewellery and retail industries.