Shares of Kalyan Jewellers declined in trade on Monday, July 27, after a large block deal involving the company's shares was executed. According to people familiar with the matter, a prominent domestic mutual fund sold the stake at a discount of around 8%-10% to the prevailing market price. A block deal involving around five crore shares of Kalyan Jewellers was executed on July 27. Despite the transaction, the mutual fund is expected to remain a shareholder in the company, the people said.
On Monday, shares of Kalyan Jewellers opened at Rs 575.10 against a previous close of Rs 573.55 and extended declines to hit an intraday low of Rs 563.40 apiece on the NSE. The stock last traded 1.51% lower at Rs 565 apiece on the NSE. This compares to a 0.80% rise in the Nifty 50 benchmark. The stock has surged over 50% in one month and 185 on a year-to-date basis. It has delivered massive multibagger returns worth 300-600% in the last three-to-five years, as per NSE data.
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Kalyan Jewellers Share Price Intraday
The deal, which was managed by two investment bankers, had been anticipated because of its size and the discount at which the shares were offered. Two bankers have been appointed to manage the proposed deal, the people said. They added that the transaction could be executed at any time. Kalyan Jewellers reported approximately 38% year-on-year growth in consolidated revenue during the June quarter of FY27, with its India business delivering a similar performance.
Digital-first jewellery brand Candere reported 112% year-on-year revenue growth. Following the first-quarter business update, Citi maintained its 'Buy' rating on Kalyan Jewellers with a target price of Rs 750 per share. The brokerage said its valuation is based on 40 times FY28 estimated consolidated earnings per share and noted that the stock continues to trade at a discount to sector leader Titan.
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