Buy / Sell Kalyan Jeweller share
Shares of Kalyan Jewellers had their best single-day gain in 2022 on Monday when the stock ended with gains of 13 percent. The move reversed Friday's 12 percent drop, which was on muted volumes.
Despite the correction on Friday, the stock is up 15 percent so far this month and has gained close to 30 percent since October. On the charts, the stock is trading above its 50, 100, and 200-day moving average.
Last week, the stock made a 52-week high of Rs 131.8, which marks a gain of 50 percent from its IPO price of Rs 87. Kalyan Jewellers went public in March 2021.
On a year-to-date basis, the stock is up 77 percent.
In an interaction with CNBC-TV18 in November, the management of Kalyan Jewellers said that the December quarter is known for being seasonally strong due to the festive and the onset of the wedding season. The company has also opened five franchise stores in India and is expected to register double-digit growth for the current financial year.
For the September quarter, the company reduced its gross debt by Rs 50 crore and net debt by Rs 100 crore. The company is targeting debt reduction in the next three years.
In a note dated October 3, HSBC wrote on Kalyan Jewellers that the company is looking to aggressively build stores in higher margin markets outside South India. The firm further said that reforms like mandatory hallmarking, GST is pushing buyers towards regional and national players.
First Published: Dec 27, 2022 8:49 AM IST