PE major's holding in the Thrissur-based gold retailer falls to 24.06% from 26.36%; Shares of Kalyan Jewellers dip 9.1% to end at Rs 107.9 on the NSE
According to a media report, Warburg Pincus, one of the key investors in KJIL, was likely to offload a 2.5 per cent stake in the company through a block deal today
The company said December quarter witnessed positive momentum in footfalls and revenue across all the markets majorly driven by strong festive demand.
With this recent gain, the stock quoted 41 per cent higher against its issue price of Rs 87 per share
The stock hit a new high at Rs 116.35 and has surged 111% from its record low of Rs 55.20 touched on May 11, 2022.
So far this month, PC Jeweller, Rajesh Exports and Kalyan Jewellers have rallied up to 21 per cent on hopes of a bumper sales this Diwali season.
Analysts remain fairly optimistic on jewellery players as softening gold prices and the ongoing festive season makes a case for sustained demand momentum going forward