Shares of Kalyan Jewellers extended their losing streak to the fourth straight session on January 8, dropping 15.5 percent. The downslide comes as investors jumped on a selling spree after the stock hit a record high on January 2, taking on the opportunity to cash in partial profits.
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Sharp profit booking
As for today’s session, the stock fell over 7 percent and at 12.26 pm, it was trading at Rs 671.40 on the NSE. Sharp profit booking also triggered a spike in trading volumes in the counter as 95 lakh shares of the company changed hands on the bourses so far, already surpassing the one-month daily traded average of 53 lakh shares.
Aside from the profit booking, growth prospects for the jewellery maker remains robust. In its quarterly update, the company stated that the December quarter was ‘very fulfilling,’ with consolidated revenue growth of 39 percent on-year.
Kalyan Jewellers’ Q3 update
Brokerage firm Citi also expressed optimism over the stock, retaining its ‘buy’ call with a price target of Rs 810. The brokerage also highlighted that Kalyan Jewellers’ Q3 update shows continued outperformance on growth.
The company’s India operations delivered a 41 percent growth, driven by strong festive and wedding demand. The company stated seeing robust demand in both gold and studded categories, helping it achieve a healthy same-store sales growth of around 24 percent. In addition, Kalyan Jewellers opened 24 new showrooms in India during the quarter and has a strong pipeline for Q4 as well.
Plans to launch 170 showrooms
Looking ahead to FY26, Kalyan Jewellers plans to launch 170 showrooms across its Kalyan and Candere formats. Revenue from the Middle East rose 22 percent year-on-year, contributing 11 percent to total revenue. Candere, Kalyan’s digital-first platform, saw 89 percent on-year growth and opened 23 new showrooms.
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