| Company | Value | Change | %Change |
|---|
On February 4, the company informed the exchanges that one of the company’s promoters, TS Kalyanaraman has unpledged the equity shares of Kalyan Jewellers India held by him, given in favour of HSBC Invest Direct Financial Services (India) Ltd.
“He has created a pledge on the same number of shares in favour of catalyst trusteeship Ltd. on the same day, that is February 3, 2025,” the filing said. This means that no new pledge on equity shares was created.
The was created in favour of KJG consulting and was for the company to issue Non-Convertible Debentures (NCDs).With this, the total pledge in favour of KJG Consulting increased to 10.73% from 8.26%.
The company had declined last month,
after one of the company’s promoters Seetharam Trikkur Kalyanaraman pledged equity shares of the company held by him, in favour of multiple entities for various purposes.
Additionally, another one of the company’s promoters, Ramesh Trikkur Kalyanaraman, had pledged 1.7 crore shares in favour of Catalyst Trusteeship, Bajaj Finance, Aditya Birla Finance, Tata Capital and Infina Finance to avail a loan facility.
Kalyan Jewellers reported a Same-Store Sales Growth of 24% from last year during the October-December period. The company added 24 new showrooms during the quarter.
Same Store Sales Growth for the Middle East business grew by nearly to 16%.
The company intends to accelerate its Return on Capital Employed (RoCE) from current levels and also intends to use the benefits of free cash flow to reward its shareholders via dividends.
Out of the nine analysts that have coverage on Kalyan Jewellers, eight of them have a “buy” rating, while one has a “sell” recommendation. Consensus implies a potential upside of 22.5% on the stock.
Shares of Kalyan Jewellers are trading 2.5% lower at ₹553.
First Published: Feb 6, 2025 9:44 am IS
