Shares of Kalyan Jewellers jumped 7.5% to a day’s high of Rs 589.90 on the BSE on Thursday, following news that the company’s promoter, Trikkur Sitarama Iyer Kalyanaraman, likely purchased a Rs 1,300 crore stake from Highdell Investment via a block deal in the pre-market window.
The company informed the exchanges on Wednesday of its intention to purchase a 2.36% stake, consisting of over 2.43 crore equity shares at Rs 535 per share, according to its filing.
The exact transaction value is not yet known, but a significant portion was acquired by the promoter through five block deals.
The company had stated that it received notification from Kalyanaraman about a share purchase agreement executed between Highdell Investment and the promoter.
As of June 30, 2024, Highdell Investment held a 9.17% stake in the jewellery company.
The company also has two other promoters, Seetharam T.K. and T.K. Ramesh, along with several others classified as “promoter groups.”
In the last year, the stock has given multibagger returns of 160.4%, while in the current year so far, it has advanced by 61%. In the last six months and three months, the stock has gained 52% and 46%, respectively.
On the charts, the stock is positioned above all its key exponential moving averages and is oscillating near the 52 mark on the RSI, indicating a mid-range level.
Out of 7 analyst recommendations, 5 rate the stock as a ‘Strong Buy’ and the remaining 2 have a ‘Buy’ recommendation, according to Trendlyne data.