Kalyan Jewellers Shares Surge Nearly 12% After Large Trade
About 64.1 million shares, or 6.2% of equity, changed hands on the NSE in pre-market large trades.
Shares of Kalyan Jewellers India Ltd. jumped nearly 12%, the most in 13 weeks, on Friday after a large trade.
About 64.1 million shares, or 6.2% of equity, changed hands on the NSE in pre-market block trades, according to data compiled by Bloomberg.
While the buyers and sellers were not immediately known. As per Bloomberg data, Highdell Investment Ltd., an affiliate of Warburg Pincus, held a 23.8% stake in Kalyan as of March 31.
Shares of Kalyan Jewellers surged 10.51% to Rs 126.2 apiece as of 9:47 a.m., compared to a 0.44% advance in the NSE Nifty 50. The scrip jumped as much as 11.82%, the most in 13 weeks since March 17, 2023.
The average traded volume so far in the day stood at 32.2 times its monthly average. The relative strength index was at 76, implying that the stock maybe overbought.
All the six analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 27.6%.
