Shares of Kalyan Jewellers rose 7% in early deals amid reports of block deals in which the promoter ( Mr. Trikkur Sitarama Iyer Kalyanaraman) of the firm bought back shares from investor from Highdell Investment.
According to reports, five block deals worth total of Rs 3,585 crore in Kalyan Jewellers were executed on bourses today. Around 6.6 crore shares or 6.4 percent stake in the jewellery company changed hands at a floor price of Rs 539 apiece.
"On basis of an intimation dated August 21, 2024 received from Mr. Trikkur Sitarama Iyer Kalyanaraman (“Promoter”), a share purchase agreement (“SPA”) has been executed on August 21, 2024 between Highdell Investment Ltd (“Highdell”), and the Promoter of Kalyan Jewellers India Limited," said the firm in a communication to bourses on Wednesday.
The firm said post the transaction, the promoter and promoter group stake in the firm will rise from 60.59% to 62.95%.
Kalyan Jewellers rose 6.88% to Rs 588 today against the previous close of Rs 548.15 on BSE. Market cap of the firm climbed to Rs 60,378 crore. Kalyan Jewellers shares have gained 162.74 per cent in one year and risen 737 per cent in two years. Total 5.92 lakh shares of the firm changed hands amounting to a turnover of Rs 34.19 crore.
In terms of technicals, the relative strength index (RSI) of Kalyan Jewellers stock stands at 52.2, signaling it's neither trading in the overbought nor in the oversold zone. The stock has a beta of 0.4, indicating very low volatility in a year.