India's Kalyan Jewellers eyes strongest day in 17 months; flags stable demand

Kalyan Jewellers India

31/01/2025 06:32

** Shares of Kalyan Jewellers India  KALN.NS  rise ~11% to
489.3 rupees, on track for biggest one-day pct gain in 17 months
after Q3 results
    ** Shares have fallen ~38% after hitting record high on Jan
2 amid volatile gold; shares more than doubled in 2024 
    ** Gold on track for best month since March 2024, prices hit
hit record high on Friday
    ** Co says seeing stable demand in Jan despite gold price
rise
    ** Co reports ~40% rev growth, 30% profit growth in Q3 on
robust festive and wedding-season demand
    ** Analysts say co on track to maintain franchisee-led store
expansion; cut debt 
    ** Shares rated 'strong buy' on avg by 8 analysts; mean PT
of 690 rupees 41% upside to current price - data compiled by
LSEG
    


 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))