Thursday, July 11, 2024
Home News Kalyan Jewellers tanks 11% on large block deal; over 39 mn shares...

Kalyan Jewellers tanks 11% on large block deal; over 39 mn shares exchanged

Kalyan,

In Tuesday’s intraday trade on the National Stock Exchange (NSE), shares of Kalyan Jewelers India (KJIL) dropped 11% to Rs 105.60 after over 3% of the company’s equity changed hands through block deals.

09:28 am; At Rs 108.65, KJIL was down 8.4%. On the NSE, approximately 33.8 million shares were traded, or 3.3% of the company’s total equity. According to exchange data, approximately 5.8 million shares, or 0.56% of Kalyan Jewelers’ total equity, are held on the BSE. It was not immediately known who the buyers and sellers were.

As per a media report, Warburg Pincus, one of the critical financial backers in KJIL, planned to sell 2.5 percent stake in the organization through a block bargain today. The shares were sold by Hydel Investments, whose subsidiary Warburg Pincus has invested in the jewelry company, as reported in CNBC TV-18.

According to shareholding pattern data, Highdell Investment Ltd. owned 271.54 million KJIL shares, or 26.36 percent, as of December 31, 2022.

As a result, in the year 2023, KJIL has underperformed the market, falling 16%, while the Nifty 50 has fallen around 7%. On December 29, 2022, the stock reached a record high of Rs 134.20. On March 26, 2021, the company made its public stock market debut. In an initial public offering (IPO), it sold shares for Rs 87 each.

According to the company, Kalyan is one of the top five retail gold jewelry companies in India, holding approximately 6% of the organized market share. Across 21 Indian states and union territories, KJIL has 138 showrooms. Additionally, the company operates 31 showrooms in four Middle Eastern nations.

In the meantime, India Ratings and Research (Ind-Ra) updated KJIL’s outlook on March 20, 2023, elevating it from stable to positive, maintaining its “Ind A” long-term issuer rating.

The rating agency stated in its justification that “a significant improvement in operating performance coupled with improvement in liquidity position, with consolidated net leverage falling below 2.5x on an ongoing basis may warrant positive rating action.”

It added that the outlook has been downgraded because of any deterioration in KJIL’s operating performance or any unannounced debt-financed capital expenditure that would have a negative impact on the company’s liquidity position or net leverage. Can be changed back. Stable.

RELATED ARTICLES

Markets end FY23 in style; Sensex Nifty rally nearly 2% on firm global trends

Market, The final day of the fiscal year 2022-23 saw gains for benchmark indices, with a gain of nearly 2% on Friday, extending gains for...

Day trading guide for today: 6 stocks to buy or sell on Friday — 31st March

Trading, Day trading guide for today: Indian shares gained on Wednesday as global markets' increased risk appetite was aided by easing in the banking industry....

Financial, IT stocks aid Indian shares snap three-month losing streak

Financial, By Bharat Rajeshwaran BENGALURU (Reuters) - Indian shares rose on Friday, supported by a higher weighting of financial stocks and information technology (IT) stocks,...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

SIGNUP & GET $10000 BONUS

Most Popular

Trading the Inside Bar Pattern on Pocket Option Platform

Inside Bar Pattern Introduction Price movement on a chart is examined in price action trading. You may use candlesticks to predict where prices will move...

“Unlocking the Secrets: 4 Tricks of Successful Traders on Pocket Option Platform”

For a year, I have been trading on the Pocket Option platform. I sometimes succeed and sometimes fail. However, I was confident that if...

Identifying Mistakes That Lead to Losses on Pocket Option

Why do people lose their money when trading binary options New traders frequently take a significant financial risk while trading binary options. As a result,...

Weekly Income Plan on Pocket Option Platform”

Get weekly returns on Pocket Option It turned out that October was a terrific month for me. I am still able to generate money every...

Recent Comments