Kalyan Jewellers’ share price has been on a strong uptrend over the last few sessions. Kalyan Jewellers India share price jumped 9.6% to an intraday high of ₹521.85 in intraday trade on the BSE on Monday, 13 July, rising for the fourth consecutive session. In just four sessions, the jewellery stock has soared 47%, while on a monthly scale, the stock has jumped 34% in July so far after a 9% rise in June.
Kalyan Jewellers shares hit their 52-week low of ₹327.15 on 11 June this year. At the current juncture, they are up nearly 60% from their 52-week lows. Meanwhile, it is still over 15% down from its 52-week high of ₹617.30, scaled on 24 July last year.
Why is Kalyan Jewellers share price rising?
Shares of the company have been rising after the . In an exchange filing on 7 July, the company said the April-June quarter was a very satisfying one, as its consolidated revenue grew by approximately 38% year-on-year (YoY). The company further said that its international operations recorded revenue growth of approximately 35% YoY for the June quarter.
The stock, however, crashed 7% on 7 July, but reversed the trend from the next session onwards after positive reviews of the stock.
Experts point out that the stock’s low valuations compared to its peers and its prolonged underperformance have made it an attractive bet.
Global financial firm has maintained its constructive long-term view on the stock. It expects Kalyan Jewellers’ franchise-led expansion strategy to continue supporting profitable growth while improving return on capital employed (RoCE).
The brokerage firm reiterated its ‘Buy’ rating on Kalyan Jewellers shares and maintained a target price of ₹750 per share.
(This is a developing story. Please check back for fresh updates.)
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