SENCO

** J.P. Morgan says India's jewellery retailers are seeing resilient demand despite sharply higher gold prices, supported by strong wedding‑season buying and a shift toward lighter designs

** Major chains including Titan Company Ltd TITN.NS, Kalyan Jewellers KALN.NS and Senco Gold SENC.NS reported healthy sales through December and January, despite strong rise in prices - J.P. Morgan

** Retailers have leaned on exchange schemes and gold‑savings programmes to sustain momentum, it added

** Store expansion and rising adoption of organised jewellery formats are expected to further support sector growth, the brokerage says

** J.P. Morgan expects demand to remain firm in the near term, helped by a busy wedding calendar, but noted that ongoing price volatility could continue to weigh on discretionary purchases

** Spot gold prices XAU= have eased about 12% since scaling all-time high of 5,594.89 per ounce on Jan. 29

(Reporting by Brijesh Patel in Bengaluru)

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Feb 12 (Reuters) - Senco Gold Ltd SENC.NS:

• SENCO GOLD DEC-QUARTER CONSOL NET PROFIT 2.64 BILLION RUPEES

• SENCO GOLD DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 30.71 BILLION RUPEES

Source text: ID:nBSE15b7yW

Further company coverage: SENC.NS

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** Shares of Senco Gold SENC.NS up 1.12% to 315.85 rupees, trimming some gains from its 2.19% rise at the open

** Jeweller says it will buy a 68% stake in August Jewellery for 680 million rupees

** Proposed investment to reinforce co's strategy to cater to the fast-growing young consumer segment, co says

** Stock rated as "Buy" on average by six analysts; median PT at 467 rupees, as per data compiled by LSEG

** Stock fell nearly 41% in 2025

(Reporting by Mridula Kumar in Bengaluru)

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Jan 21 (Reuters) - Senco Gold Ltd SENC.NS:

• TO BUY 68% STAKE OF AUGUST JEWELLERY PRIVATE LIMITED

• ACQUISITION VALUED AT 680 MILLION RUPEES

Source text: ID:nBSEbzvNkR

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Jan 20 (Reuters) - Indian jewellery retailer Tribhovandas Bhimji Zaveri TBZL.NS reported a 170% surge in third-quarter profit on Tuesday, buoyed by strong festive demand and higher store footfalls during the peak wedding season.

The company's net profit rose to 806.3 million rupees ($8.86 million) in the October-December quarter from 298.8 million rupees a year earlier.

Quarterly revenue rose 14.4% to 10.61 billion rupees.

The December quarter typically accounts for about a third of gold sales in the world's second-largest gold consumer, as it not only comprises festival days that are considered auspicious for gold purchases but it also coincides with the start of the wedding season.

Climbing gold prices also meant customers turned to the bullion for investment.

Spot gold prices XAU= rose nearly 12% during the quarter, driven by geopolitical uncertainties, rate cuts and robust central bank buying.

The sector has benefited from higher disposable incomes, supported by fiscal measures such as the goods and service (GST) tax cuts and income tax relief, which have left consumers with more spending power on discretionary purchases such as gold.

Peers such as Titan TITN.NS, Kalyan Jewellers KALN.NS and Senco Gold SENC.NS have reported robust quarterly sales growth, underlining broad-based sector strength.

OCT-DEC STOCK PERFORMANCE COMPARISON FOR PEERS

-- All data from LSEG

($1 = 90.9640 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru; Editing by Janane Venkatraman)

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** Shares of India's Senco Gold SENC.NS surge 12.4% to 363 rupees, their sharpest intraday pct jump since mid-April 2024

** Jeweller says that sales soared 51% on-year in quarter ended December

** Confident of logging above 25% on-year growth for fiscal year 2026, co adds

** Trading vols 5.9 million shares vs 30-day avg of about 341k shares

** Avg rating of six analysts covering the stock is "buy", median TP 467 rupees - LSEG data

** Stock had fallen about 41% in 2025

(Reporting by Hritam Mukherjee in Bengaluru)

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Jan 6 (Reuters) - Senco Gold Ltd SENC.NS:

• SENCO GOLD LTD - CONFIDENT OF ACHIEVING 25%+ YOY GROWTH FOR FY26

Source text: ID:nBSE1YjZ4W

Further company coverage: SENC.NS

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By Rajendra Jadhav and Brijesh Patel

NEW DELHI, Sept 15 (Reuters) - Gold demand in India this festive season is expected to be weaker than last year, as record-high prices are likely to curb jewellery purchases, outweighing modest gains in investment demand.

Weaker demand in the world's second-largest gold consumer could limit a rally in global prices XAU=, which hit a record high last week. But sluggish demand for gold imports could limit India's trade deficit and support the rupee.

Local gold prices MAUc1, which scaled a record peak of 109,840 rupees per 10 grams last week, have risen 42% year-to-date, after gaining 21% in 2024.

"Consumers have a fixed budget, and it's not keeping up with rising prices. We're expecting demand to fall by about 10%-15% in volume," Amit Modak, chief executive of PN Gadgil and Sons, said on the sidelines of the India Gold Conference in New Delhi.

Indians will celebrate Dussehra and Diwali in October, festivals during which buying gold is considered auspicious.

The December quarter typically accounts for about a third of India's gold sales, as it coincides with the start of the wedding season and festivals.

Gold demand in the December quarter last year stood at 265.8 metric tons, boosted by a price correction just ahead of the festive season after New Delhi slashed import duties on the metal to 6% from 15% in a bid to tackle smuggling.

Consumer sentiment has improved in the last few weeks despite rising prices, and in value terms, demand will still be much higher even if volumes decline, said Sachin Jain, CEO of the World Gold Council's Indian operations.

Besides, investment demand, especially through exchange-traded funds (ETFs), has been rising as gold has been delivering better returns than competing asset classes, Jain added.

Retail gold buying could get a boost from the government's move to cut goods and services tax (GST) on consumer items, as this will leave people with more disposable income, Harshad Ajmera of wholesaler JJ Gold House in Kolkata.

Earlier this month, India announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand.

(Reporting by Rajendra Jadhav and Brijesh Patel; Editing by Sumana Nandy)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

Aug 12 (Reuters) - Senco Gold Ltd SENC.NS:

• SENCO GOLD JUNE-QUARTER CONSOL NET PAT 1.05 BILLION RUPEES

• SENCO GOLD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 18.26 BILLION RUPEES

Source text: [ID:]

Further company coverage: SENC.NS

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By Rajendra Jadhav

MUMBAI, July 31 (Reuters) - India's gold consumption in 2025 is set to fall to a five-year low, as record-high prices are denting jewellery purchases, overshadowing a slight boost in investment demand, the World Gold Council said on Thursday.

Gold demand in the world's second-biggest consumer of the precious metal could stand between 600 metric tons and 700 metric tons in 2025, the lowest since 2020, and down from last year's 802.8 tons, Sachin Jain, CEO of WGC's Indian operations, told Reuters.

Demand could reach 700 tons if prices stabilise, but a 10%–15% price rise driven by geopolitical factors may pull it down to the lower end of the range, he said.

Local gold prices MAUc1, which hit a record high of 101,078 rupees per 10 grams in June, have risen 28% so far in 2025, after a 21% gain in 2024.

India's gold consumption in the April-to-June quarter fell 10% from a year ago to 134.9 tons, as jewellery demand fell 17% while investment demand rose 7% in the quarter, the WGC said.

Demand in the September quarter is expected to be lower than last year's 248.3 tons, when New Delhi's move to reduce import duties boosted purchases, Jain said.

The precious metal has been outperforming other asset classes, drawing investors who favour both physical gold and gold exchange traded funds, he said.

"Gold ETFs in India are at a very important cusp for growth, and as India becomes more digitised, they are gaining popularity and prominence," he said.

Gold ETFs in India saw inflows surge ten-fold month-on-month to 20.81 billion rupees ($237.5 million) in June, hitting a five-month high, data from the Association of Mutual Funds in India showed earlier this month.

($1 = 87.6390 Indian rupees)

(Reporting by Rajendra Jadhav; Editing by Mrigank Dhaniwala)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

July 4 (Reuters) - Senco Gold Ltd SENC.NS:

• SENCO GOLD LTD - Q1 FY26 DELIVERS 28% TOTAL REVENUE GROWTH

Source text: ID:nBSE1q4shr

Further company coverage: SENC.NS

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** Shares of Indian ornaments maker Senco Gold SENC.NS up 5% at 400 rupees

** Stock set to extend gains to a sixth straight session, if current trend holds

** The jeweller's fourth-quarter consol adjusted PAT surge 94% and revenue up 21%

** Trading vols 1.2 mln shares vs 30-day avg of 609k shares

** Day's jump trims stock's YTD decline to ~27%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

By Rajendra Jadhav

MUMBAI, April 30 (Reuters) - Gold demand remained lower than normal on Wednesday during an Indian festival when buying gold is considered auspicious as the rally in prices to a record high prompted retail consumers to reduce purchases.

Indians were celebrating Akshaya Tritiya, the second-biggest gold-buying festival after Dhanteras.

"Footfalls in jewellery stores improved from evening but still in volume terms demand was around 15% lower than normal," Surendra Mehta, secretary at the India Bullion and Jewellers Association (IBJA).

Big retail chains, which were offering discounts on jewellery making charges, were doing comparatively better business than single-store retailers, as near-record high prices stretched consumers' budgets, Mehta said.

Domestic gold prices MAUc1 hit a record high of 99,358 rupees per 10 grams this month and were around 95,000 rupees on Wednesday, nearly 30% higher since the last Akshaya Tritiya festival.

Despite record-high gold prices, positive consumer sentiment persists, with many exchanging old jewellery for new to manage budgets for festivals and weddings, said Saurabh Gadgil, chairman of PNG Jewellers PNGD.NS.

Indian dealers on Wednesday offered a discount XAU-IN-PREM up to $20 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies.

Gold demand during Akshaya Tritiya was likely lower in volume but could be the same or slightly higher in value, said Sachin Jain, CEO of the World Gold Council's Indian operations.

Big and small retailers were offering discounts on jewellery making charges to lure retail buyers. However, many still preferred to buy coins and bars for investment purposes, said a Hyderabad-based jeweller.

"Demand was lower than usual, but still better than what the industry expected. Even with record-high prices, retail buying didn't take a big hit," said IBJA's Mehta.

(Reporting by Rajendra Jadhav, editing by Ed Osmond)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

April 24 (Reuters) - Senco Gold Ltd SENC.NS:

• ENTERS STRATEGIC TIE-UP WITH AUGUST JEWELLERY

Source text: ID:nNSE5j5cjb

Further company coverage: SENC.NS

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** Shares of Senco Gold SENC.NS rise exchange-allowed maximum of 5% to 318.25 rupees after Q4 business update

** Jewellery maker reports standalone revenue up 19.1% Y/Y on the back of wedding season demand

** Same-store sales growth was 18.4% Y/Y in Q4 and 14.6% Y/Y in FY25

** Bigger rival Titan TITN.NS on Monday said it expects 25% increase in Q4 revenue

** Avg rating of six analysts equivalent of "strong buy", median PT is 604 rupees - LSEG data

** Stock down 40.7% YTD

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] +91 7982114624))

** Shares of Senco Gold SENC.NS fall 4% to 252 rupees, their lowest level since late September, 2023

** More than 1.5 mln shares of the jewellery maker changed hands in five block deals, LSEG data shows

** Block deals in price range of 257.8 - 259 rupees, compared to last close price of 263.15 rupees

** SENC set to drop for a fourth straight session, losing 16% in the period

** Stock is down 53% so far in 2025

(Reporting by Nishit Navin)

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Feb 13 (Reuters) - Senco Gold Ltd SENC.NS:

• DEC-QUARTER CONSOL NET PAT 334.8 MILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 21.03 BILLION RUPEES

Source text: ID:nBSE5lNjl6

Further company coverage: SENC.NS

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By Rajendra Jadhav

MUMBAI, Feb 11 (Reuters) - Gold leasing rates in India have doubled within a month to a record high, following the overseas market, where rates jumped due to a supply crunch as global banks divert the precious metal to the United States, industry officials told Reuters.

Higher leasing rates are driving up jewellery production costs in the world's second-largest gold consumer and could squeeze margins of jewellers such as Titan TITN.NS, Kalyan Jewellers KALN.NS, and Tribhovandas Bhimji Zaveri TBZL.NS.

Gold leasing rates, which traditionally hover around 1.5% to 3%, have more than doubled in a month and could rise further, Shekhar Bhandari, president and business head of Kotak Mahindra Bank KTKM.NS told Reuters.

"Given the geopolitical uncertainty, trade war, and benefit arising out of higher futures prices on CME as compared to spot, it seems leasing rates will remain elevated for the next few months," he said.

Global bullion banks are flying gold into the United States from London, Switzerland, and Asian hubs such as Dubai and Hong Kong to capitalise on the unusually high premium of U.S. gold futures GCcv1 over spot prices XAU=, Reuters has reported.

The rush to move gold to the United States has lifted gold leasing rates in London, the world's key over-the-counter (OTC) market.

Banks in import-dependent India borrow gold from overseas banks and lend to jewellers. Rising borrowing costs have proportionally increased leasing rates in India, Bhandari said.

"Jewellers were caught off-guard by the leasing rate shooting up to a record high," said Amit Modak, chief executive of PN Gadgil and Sons, a jeweller based in the western city of Pune. "Now they're clueless about how to handle it."

Bullion-supplying banks were not bringing gold into India in recent weeks since the market is in discount, while deliveries on COMEX fetch premium, a Mumbai-based dealer with a bullion importing bank said.

The premium on COMEX futures over spot prices widened again to about $28 per ounce on Monday, compared with discounts as high as $24 in India.

Vaults in key Indian cities storing gold imported by bullion banks are nearly empty, as banks have moved gold to the United States and are not interested in bringing it to India given the discounts, said another Mumbai-based dealer with a bank.

"Indian discounts could have risen above $100 due to negligible demand. But a supply crunch is keeping them from sky-rocketing," he said.

(Reporting by Rajendra Jadhav; Additional reporting by Siddhi Nayak; Editing by Clarence Fernandez)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

Jan 9 (Reuters) - Senco Gold Ltd SENC.NS:

• SENCO GOLD - TO OPEN 18-20 JEWELLERY SHOWROOMS THIS YEAR

• SENCO GOLD LTD - SALES OF OVER 20 BILLION RUPEES IN Q3'25

• SENCO GOLD LTD - REPORTS 22% REVENUE GROWTH IN Q3

Source text: ID:nBSE8z9JnB

Further company coverage: SENC.NS

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** Shares of jewellery retailer Senco Gold SENC.NS rise as much as 4.5% to 1,420 rupees

** SENC on Tuesday said its Q2 jewellery retail business grew 27% YoY

** Adds, on course for 18-20% YoY revenue growth for FY25 considering upcoming festive season

** Stock on track to snap four consecutive sessions of losses, if trend holds

** Share price above 50-day, 100-day and 200-day exponential moving averages since Aug. 5

** Avg rating of five analysts equivalent of "strong buy", median PT is 1,400 rupees - LSEG data

** Stock last up 2.9%, bumping YTD gains to 100.8%

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624)))

Oct 8 (Reuters) - Senco Gold Ltd SENC.NS:

• ON COURSE FOR 18-20% YOY REVENUE GROWTH FOR FY25 CONSIDERING ENSUING FESTIVE SEASON

• JEWELLERY BUSINESS RETAIL GROWTH WAS ROBUST AT 27% YOY IN Q2

Source text for Eikon: ID:nBSE63PHMt

Further company coverage: SENC.NS

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** Shares of Senco Gold SENC.NS rise as much as 10.7% to 1,544 rupees, matching its record high level set on Oct. 1

** The jewellery retailer on Friday approved raising 5 bln rupees (~$60 mln) via shares and/or convertible securities

** Co also approved share split in ratio 1:2

** More than 1 mln shares change hands, 2.2x of 30-day avg

** Avg rating of five analysts is equivalent of "strong buy", median PT is 1,400 rupees - LSEG data

** Since listing in July 2023, the stock has risen ~229%

($1 = 83.9600 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

Oct 4 (Reuters) - Senco Gold Ltd SENC.NS:

• APPROVED RAISING OF FUNDS UPTO 5 BILLION RUPEES

• APPROVES SUB-DIVISION OF SHARES IN 1:2 RATIO

Source text for Eikon: ID:nBSE6LWMC0

Further company coverage: SENC.NS

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Sept 30 (Reuters) - Senco Gold Ltd SENC.NS:

• TO CONSIDER RAISING FUNDS

• TO CONSIDER ALTERATION IN SHARE CAPITAL OF CO BY WAY OF SUB-DIVISION OF SHARES

• TO CONSIDER RAISING FUNDS VIA QIP OR ANY OTHER PERMISSIBLE METHOD

Source text for Eikon: ID:nBSE2TVqZQ

Further company coverage: SENC.NS

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** Shares of jewellery retailer Senco Gold SENC.NS rise 8.8% to 1,126.95 rupees, set for best day in nearly four months

** Co reports Q1 consolidated net profit of 512.7 mln rupees, up 85% from a year ago

** Revenue rose 7.5% to 14.04 bln rupees, while expenses rose 5.3% to 13.45 bln rupees

** More than 633,000 shares change hands, 2x the 30-day avg

** Stock up 64% YTD vs ~34% rise in rival Tribhovandas Bhimji Zaveri TBZL.NS

(Reporting by Dimpal Gulwani in Bengaluru)

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Aug 12 (Reuters) - Senco Gold Ltd SENC.NS:

• SENCO GOLD JUNE-QUARTER CONSOL NET PAT 512.7 MILLION RUPEES

• SENCO GOLD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 14.04 BILLION RUPEES

Source text for Eikon: ID:nBSE7nL2hk

Further company coverage: SENC.NS

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Adds trade official, premium update, share price, detail, from paragraph 3

By Rajendra Jadhav

MUMBAI, July 23 (Reuters) - India slashed import duties on gold and silver on Tuesday in a move industry officials said could lift retail demand and help cut smuggling in the world's second-biggest bullion consumer.

Higher demand for gold from India could boost global prices, which hit a record high this year, although that could widen India's trade deficit and put pressure on its ailing rupee.

"It's a massive step in (the) right direction, as it will reduce the incentives for smuggling of gold. It will create a level playing field for honest industry stakeholders," said Sachin Jain, CEO of World Gold Council's Indian operations.

The government said it will charge 5% basic customs duty and 1% in Agriculture Infrastructure & Development Cess (AIDC) on gold and silver imports, lowering import duties to 6% from 15%.

"To enhance domestic value addition in gold and precious metal jewellery, I propose to reduce customs duties of gold and silver to 6%," India's Finance Minister Nirmala Sitharaman said in a budget speech.

Local gold prices MAUc1 fell 6% to 68,500 rupees per 10 grams, their to their lowest level in more than three months after the announcement. Indian prices hit a record high of 74,777 rupees earlier this month, which squeezed demand.

Overseas gold prices XAU= erased losses and rose 0.4%.

Indian jewellery demand was hit by record-high gold prices, but the duty cut will bring down prices and boost consumption, said Saurabh Gadgil, chairman of PNG Jewellers.

Gold was trading at a premium in India for the first time in eleven weeks on Tuesday, with dealers charging a premium of up to $20 an ounce over official domestic prices, inclusive of 15% import and 3% sales levies, versus last week's discount of $65.

Shares of jewellery makers such as Titan Company TITN.NS, Tribhovandas Bhimji Zaveri TBZL.NS, Senco Gold SENC.NS and Kalyan Jewellers jumped by up to 10%.

Finance Minister Sitharaman also announced an import duty exemption for 25 critical minerals, including lithium. India has been exploring ways to secure supplies of lithium, a critical raw material used to make electric vehicle batteries.

(Reporting by Rajendra Jadhav; Additional reporting by Neha Arora; Editing by Himani Sarkar, Clarence Fernandez and Alexander Smith)

(([email protected]; +91-22-68414378 ; Reuters Messaging: [email protected]))

** Shares of Senco Gold SENC.NS down 5.4% to 1,002.5 rupees

** Jewellery retailer says Q1 total sales grew 9% YoY

** But brokerage Motilal Oswal says revenue was below expectations, although sales grew in festive period despite challenges including heat wave, elections, and fewer wedding days

** Rival Titan Company TITN.NS posted weak quarterly rev growth on Friday, sending its shares down on Monday

** SENC stock on track to fall in six out of seven straight sessions if trend holds

** Stock on track for second-worst day so far in 2024; worst day was March 13 when it fell 8%

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

** Kalyan Jewellers' shares KALN.NS jump as much as 5.4%, while Senco Gold SENC.NS gains 3% as Motilal Oswal starts with 'buy'

** Brokerage sets price targets of 525 rupees and 1,300 rupees for Kalyan and Senco, respectively

** Motilal flags that KALN looks to reduce its overall debt levels by about 7 bln rupees ($84 million) over the next two years and expects its PAT to increase by 41% annually from FY24 to FY26, surpassing its average profit CAGR of 38.3% over last two fiscal years

** Adds, SENC is focusing on lightweight jewellery and increasing its studded jewellery ratio and expects its adjusted PAT to increase by 26% annually from FY24 to FY26 as compared to a 15% rise over the last two fiscal years

** SENC on track for a 10th straight session of gains, if trend holds

** Avg. rating of six analysts covering KALN is 'buy', while the average rating of three analysts covering SENC is 'strong buy'; median PT is 477.50 rupees and 1,100 rupees, respectively - LSEG data

** Including today's session gains, KALN is up 21.5% YTD; SENC is up 48.2%

($1 = 83.3986 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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May 23 (Reuters) - Senco Gold Ltd SENC.NS:

• SENCO GOLD LTD MARCH-QUARTER CONSOL NET PAT 321.7 MILLION RUPEES VERSUS 260.3 MILLION RUPEES

• SENCO GOLD LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 11.37 BILLION RUPEES VERSUS 8.14 BILLION RUPEES

• SENCO GOLD LTD - DIVIDEND OF 1 RUPEE PER SHARE

Source text for Eikon: [ID:]

Further company coverage: SENC.NS

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