During Wednesday’s trading session, the shares of a company engaged in the retail jewellery business hit a 5 percent upper circuit on NSE, despite a foreign investor offloading a 0.68 percent stake in the company through an open market transaction on NSE.
Price Movements:
With a market cap of Rs. 159.5 crores, the shares of Kabra Jewels Limited hit a 5 percent upper circuit at Rs. 152.1 on NSE, as compared to its previous closing price of Rs. 144.9.
What’s the News:
As per the latest bulk deal available with the NSE, foreign portfolio investor (FPI) Necta Bloom VCC – Necta Bloom One offloaded 71,000 equity shares in Kabra Jewels through an open market transaction, representing a 0.68 percent stake. The deal was valued at approximately Rs. 99.4 lakhs, executed at an average price of Rs. 140 per share.
Financial Performance:
Kabra Jewels reported a significant growth in revenue from operations, experiencing a year-on-year increase of nearly 34 percent, rising from Rs. 122 crores in FY23 to Rs. 163 crores in FY24.
Similarly, during the same period, the company’s net profit increased from Rs. 4 crores to Rs. 9 crores, representing an impressive growth of around 125 percent YoY.
About the company:
Kabra Jewels Limited is engaged in operating in the retail jewellery sector, offering gold, diamond, and silver ornaments, and other offerings include gold and silver coins, utensils and other artefacts.
The primary expertise of Kabra Jewels is designing and marketing under the brand name ‘KK Jewels’. The company works on diverse products including rings, earrings, pendants, bracelets, chains, necklaces, bangles and other wedding jewellery.
Written by Ashok Kumar