Shares of Kalyan Jewellers slumped 10.9 percent on Tuesday, March 28, after 2.7 percent take changed hands in a block deal.
Reports earlier said that the company’s investor Highdell Investment, which is owned by Warburg Pincus, was planning to sell a 2.5 percent stake in the company through a block deal.
Highdell Investment held a 26.36 percent stake in the company at end of the December quarter.
During Tuesday’s trade, the stock opened at a price of Rs. 112 per share against the previous close of Rs. 118.65 per share and fell further during the early trading session to touch an intraday low of Rs. 105.65.
It was trading at ₹108.55 apiece, down by 8.47 percent, at 12:40 p.m. on the NSE.
The stock touched a 52-week high of Rs. 134.20 on December 29, 2022 and a 52-week low of Rs. 55.05 on June 20, 2022, indicating that at the current level, the stock is trading over 97 percent above its 52-week low and 19 percent below its 52-week high.
The stock has grown almost 2 percent in the last one month. In last one year, it has yielded a return of nearly 100 percent.
The company reported a 10% increase in its consolidated profit after tax (PAT) for the third quarter of the 2022-23 financial year, ending December 31, 2022. The jewellery retailer posted a net profit of ₹148 crores for the quarter, up from ₹134.5 crore in the same period of the previous financial year.
Kalyan Jewellers India Ltd., established in 2009, is a small-cap company with a market capitalisation of Rs. 11,186.26 crore that operates in the gems and jewellery industry. The company is engaged in offering gold, diamond, platinum and silver jewellery products and has approximately 137 retail stores spread across India and the Middle East.
According to a MintGenie poll, 6 analysts on an average have a ‘BUY’ call on the stock.
