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Why Kalyan Jewellers' shares rose over 13% today

Why Kalyan Jewellers' shares rose over 13% today

Kalyan Jewellers shares touched an intraday high of Rs 80.5, rising 13.46% against the previous close.

 Kalyan Jewellers shares stand higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Kalyan Jewellers shares stand higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

Kalyan Jewellers' share ended over 13 per cent higher today after the firm clocked revenue growth of 60 per cent for its India operations during the quarter ended September.

Kalyan Jewellers' stock has gained after three days of consecutive fall. The share opened with a gain of 6.62 per cent at Rs 75.65 against the previous close of Rs 70.75 on BSE.

It touched an intraday high of Rs 80.5, rising 13.46% against the previous close.

Kalyan Jewellers' shares stand higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Later, the stock closed 13.07 per cent higher at Rs 80 on BSE.

The market cap of the firm rose to Rs 8,240 crore. Total 22.73 lakh shares changed hands amounting to a turnover of Rs 17.73 crore on BSE.

"We continued to witness robust growth in the share of new customers during the quarter, driven largely by the shift from the unorganised to the organised segment," Kalyan Jewellers said.

The non-south markets recorded a higher same-store sales growth of 70 per cent compared to south markets, which recorded same-store sales growth of 40 per cent.

"During the quarter, 92 per cent of our showrooms were operational compared to 88 per cent during the same period in the previous year. However, as of September 30, 2021, 100 per cent of our showrooms were operational," the company said.

The company opened one new showroom during the quarter, taking the total stores opened during the first half of the current financial year to 10.

Its online jewellery platform Candere recorded revenue growth of 45 per cent during the quarter, compared to the same period during the last year.

Meanwhile, Sensex closed 488 points higher at 59,677, and Nifty rose 144 points to 17,790.