KALYANKJIL

Feb 7 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• NO ADDITIONAL PLEDGE ON SHARES CREATED BY TK SEETHARAM

Source text: ID:nBSEc4PKfs

Further company coverage: KALN.NS

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Feb 4 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• GETS PENALTY ORDER FOR 241.4 MILLION RUPEES FROM TAX DEPARTMENT

Source text: ID:nBSE6twPSq

Further company coverage: KALN.NS

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Jan 30 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• DEC-QUARTER CONSOL NET PROFIT 2.19 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 72.87 BILLION RUPEES

• REAPPOINTS VINOD RAI AS CHAIRMAN

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Further company coverage: KALN.NS

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Jan 7 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• KALYAN JEWELLERS INDIA LTD - REPORTS 39% CONSOLIDATED REVENUE GROWTH IN Q3 FY2025

• KALYAN JEWELLERS INDIA LTD - INDIA OPERATIONS REVENUE GROWS 41% Y/Y IN Q3 FY2025

• KALYAN JEWELLERS INDIA LTD - REPORTS 24% Y/Y SAME-STORE SALES GROWTH IN Q3 FY2025

Source text: ID:nBSE6YzsmR

Further company coverage: KALN.NS

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By Rajendra Jadhav and Rahul Paswan

MUMBAI, Dec 18 (Reuters) - Soaring gold prices have led many Indian families to opt for lightweight and lower-carat jewellery to stay within their budgets, industry officials said.

"I wanted to gift my daughter 80 grams of gold, but I was forced to scale it down to 50 grams because of price increase in the past two years," said Mumbai-based Shubhangi More, choosing a necklace with a traditional design for her daughter's wedding.

Gold prices MAUc1 in the world's second biggest buyer of the precious metal have surged 22% so far this year, after rising 15% in 2023.

Most Indian buyers prefer traditional jewellery, but now they want it crafted in lightweight designs to fit their budgets, said Bachhraj Bamalwa, partner at jewellery retailer Nemichand Bamalwa & Sons.

"Recognising this preference, we are stocking more lightweight jewellery sets while scaling down our inventory of heavier designs," Bamalwa said.

Advances in manufacturing technology have enabled jewellery makers to craft traditional designs in lighter weights, said Sachin Jain, CEO of the World Gold Council's Indian operations.

Buyers are also switching to lower carat jewellery to reduce costs, jewellers said.

Guddi Devi, a teacher from Jamalpur in the northern state of Bihar, bought 18-carat jewellery for her daughter's wedding instead of 22-carat.

"I preferred the 18 carats of jewellery because it was cheaper compared to the 22 carats and is much stronger than it," she said.

Indians traditionally prefer jewellery made in 22-carat gold, which contains 91.7% pure gold, while 18-carat gold contains 75% pure gold and 25% other metals. The price of 18-carat gold is nearly a fifth lower than that of 22-carat gold.

"Lower prices and greater durability are making 18-carat jewellery increasingly popular. Its share in total sales has risen to over 15%, compared to just 5% to 7% two years ago," said Surendra Mehta, secretary at the India Bullion and Jewellers Association.

(Reporting by Rajendra Jadhav and Rahul Paswan. Editing by Mark Potter)

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Nov 13 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• SEPT-QUARTER CONSOL NET PROFIT 1.31 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 60.65 BILLION RUPEES

Source text: ID:nBSE31QwNM

Further company coverage: KALN.NS

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By Bharath Rajeswaran

Nov 7 (Reuters) - MSCI added five Indian companies to its Global Standard Index late on Wednesday, a move that brokerage Nuvama said would lift the country's weightage on the index to 20%, further narrowing the gap with China.

MSCI said there would be 156 Indian stocks in the index, but that is only one-fourth of China's 598, signalling scope for further inclusion of Indian stocks on the index.

The changes will take place after the markets close on Nov. 25, MSCI said.

The inclusion of the stocks will lift India's weightage in the index to a record 19.8% from 19.3% earlier, narrowing the gap with China, which has slipped to 26.8% from 27%, Nuvama Alternative and Quantitative Research estimated.

It will also likely attract $2.5 billion in passive inflows into India's equity markets, Nuvama said.

China has the highest weightage in the MSCI Global Standard index, while India has been in second place since the end of 2021.

Air conditioner maker Voltas VOLT.NS, realty developer Oberoi Realty OEBO.NS, stock exchange operator BSE BSEL.NS, Kalyan Jewellers KALN.NS, and drug maker Alkem Laboratories ALKE.NS are the latest additions to the index.

Indian markets saw inflows of about $3 billion into equities after the previous MSCI rebalancing in August when seven stocks were added.

"We remain extremely bullish on India, especially with active participation from mutual funds and high net worth individuals (HNIs)/retail investors, and anticipate many more inclusions in the emerging markets index," said Abhilash Pagaria, head of Nuvama research.

Seven existing stocks, including top private lender HDFC Bank HDBK.NS and Tata Power TTPW.NS, saw an increase in their weightage.

HDFC Bank is now the highest-weighted Indian stock in the MSCI indices at 7.08%, surpassing Reliance Industries' RELI.NS 6.08%.

No Indian companies have been removed from the MSCI Global Standard Index so far in November.

Additionally, around 13 firms, including Eureka Forbes EURK.NS, Indegene INEG.NS, and PC Jeweller PCJE.NS, were added to the MSCI Small Cap Index, bringing the total number of small-cap stocks to 525.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Abinaya Vijayaraghavan)

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Repeats story that ran on Tuesday, with no changes

By Rajendra Jadhav

MUMBAI, Oct 29 (Reuters) - Indian buyers of gold brushed off record high prices and made purchases for the Dhanteras and Diwali festivals starting on Tuesday, hoping bullion would continue to rally and deliver promising returns amid a cooling stock market, industry officials told Reuters.

Robust demand in the world's second-biggest gold consumer could further support global prices XAU=, which hit record highs last week. Rising demand for imports of gold could also widen India's trade deficit and put pressure on the rupee INR=IN.

"People are still into gold big time, even with prices at record highs during Dhanteras. With gold giving better returns than the stock market, there's been solid demand for coins and bars," said Saurabh Gadgil, chairman of PNG Jewellers PNGD.NS.

Indians were celebrating Dhanteras on Tuesday, a day considered auspicious for buying gold and one of the busiest gold-buying days in India.

Local gold prices MAUc1 jumped to a record high of 78,919 rupees per 10 grams last week, marking an increase of more than 31% since last year's Diwali. India's NSE Nifty 50 share index has dropped about 7% from a record high hit on Sept. 27.

Investors are working to diversify their portfolios by adding to or increasing their allocations in gold and silver, Gadgil said.

"In value terms, turnover during this year's Dhanteras is expected to be significantly higher than last year due to higher prices. In volume terms, it may be slightly lower or around the same level as last year," Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA), said.

Indian dealers on Tuesday charged a premium XAU-IN-PREM of up to $1 an ounce over official domestic prices – inclusive of 6% import and 3% sales levies, up from the last week’s discount of $4.

Local silver futures MSVc1 hit a record high of 100,081 rupees per kilogram last week.

"Demand for silver coins and bars was strong today, as silver has delivered better returns than gold in recent months," said Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer.

(Reporting by Rajendra Jadhav; Editing by Susan Fenton)

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By Rajendra Jadhav

MUMBAI, Oct 29 (Reuters) - Indian buyers of gold brushed off record high prices and made purchases for the Dhanteras and Diwali festivals starting on Tuesday, hoping bullion would continue to rally and deliver promising returns amid a cooling stock market, industry officials told Reuters.

Robust demand in the world's second-biggest gold consumer could further support global prices XAU=, which hit record highs last week. Rising demand for imports of gold could also widen India's trade deficit and put pressure on the rupee INR=IN.

"People are still into gold big time, even with prices at record highs during Dhanteras. With gold giving better returns than the stock market, there's been solid demand for coins and bars," said Saurabh Gadgil, chairman of PNG Jewellers PNGD.NS.

Indians were celebrating Dhanteras on Tuesday, a day considered auspicious for buying gold and one of the busiest gold-buying days in India.

Local gold prices MAUc1 jumped to a record high of 78,919 rupees per 10 grams last week, marking an increase of more than 31% since last year's Diwali. India's NSE Nifty 50 share index has dropped about 7% from a record high hit on Sept. 27.

Investors are working to diversify their portfolios by adding to or increasing their allocations in gold and silver, Gadgil said.

"In value terms, turnover during this year's Dhanteras is expected to be significantly higher than last year due to higher prices. In volume terms, it may be slightly lower or around the same level as last year," Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA), said.

Indian dealers on Tuesday charged a premium XAU-IN-PREM of up to $1 an ounce over official domestic prices – inclusive of 6% import and 3% sales levies, up from the last week’s discount of $4.

Local silver futures MSVc1 hit a record high of 100,081 rupees per kilogram last week.

"Demand for silver coins and bars was strong today, as silver has delivered better returns than gold in recent months," said Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer.

(Reporting by Rajendra Jadhav; Editing by Susan Fenton)

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Oct 7 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• Q2 CONSOL REVENUE GROWTH ABOUT 37%

Source text for Eikon: ID:nBSE1wMMY8

Further company coverage: KALN.NS

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Oct 4 (Reuters) - Indian jeweller and watchmaker Titan Company TITN.NS reported on Friday that it estimates a 25% increase in second-quarter revenue, as a reduction in customs duty on gold imports helped improve domestic demand for some of its jewellery products.

India slashed import duties on gold in July to 6% from 15%, a move that was viewed as aiding retail demand.

The jewellery segment, which includes brands like Tanishq and Mia, is expected to grow 26%. It contributed about 89% to the Tata-owned company's consolidated total income as of June-end.

The watches and wearables segment, which sells products from brands like Fastrack, Police and Coach, expects a 20% increase in revenue, the company added.

Jewellery rival Kalyan Jewellers KALN.NS is yet to publish its quarterly update.

(Reporting by Ashna Teresa Britto; Editing by Vijay Kishore)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 25 (Reuters Breakingviews) - Blackstone BX.N is grabbing at some of the sparkle from India’s booming equities market. Steve Schwarzman's investment firm plans to list a certifier of diamonds at a valuation seven times what it paid last year to buy the company from China's Fosun International 0656.HK and Belgium's Lorie family. Listing the business in the world's second-largest market for the rock makes sense, and will bag the U.S. buyout firm a sparkling return.

International Gemmological Institute certifies one-third of the world’s diamonds, studded jewellery and coloured stones, according to its prospectus. Most of its clients are based in the cutting and polishing hubs of Mumbai and neighbouring Gujarat state, and nearly all of its top line originates in the country.

Crucially, IGI will use almost a third of some $470 million IPO proceeds to buy its units in the Netherlands and Belgium, where IGI was founded in 1975, from Blackstone. After the rejig, the private equity giant will remain the controlling shareholder and the company will become an Indian-led entity. That helps IGI list in the South Asian country and target a valuation of $4 billion, as Moneycontrol reported last month, citing an unnamed source.

That headline figure looks polished, rather than punchy. It equates to 68 times EBITDA for 2023. None of IGI’s peers - the nonprofit Gemological Institute of America and Belgium’s HRD Antwerp among them - have publicly traded shares. Indian bling sellers Titan TITN.NS , backed by the Tata Group, and Kalyan Jewellers KALN.NS, are adorned with multiples of 64 and 54 times EBITDA.

IGI is growing fast and is more profitable than both those Indian companies. Its top line grew 30% in 2023, outpacing Titan and just shy of Kalyan's 32% growth in the year to the end of March. The diamond company's 37% net profit margin for 2023 is five times that of Titan and more than 10 times Kalyan's.

Unlike certifiers, jewellers have a more diversified range of products that could see them through periods of poor demand for studded pieces and price downturns. And while India is experiencing a surge in its love for diamonds, displacing China as the top buyer of the natural variety, Indians have cared little so far for the lab-grown variety of the gem, which accounts for 60% of IGI’s revenue.

Nonetheless, with rosy projections laid out in IGI's prospectus for a double-digit rise in jewellery consumption over the next five years, Blackstone's polishing up of its diamond bet appears well-timed.

Follow @ShritamaBose on X

CONTEXT NEWS

Blackstone is eyeing a valuation of around $4 billion for jewellery certifier International Gemmological Institute in a Mumbai initial public offering, news website Moneycontrol reported on Aug. 27, citing an unnamed source.

The offer will comprise new shares worth up to 12.5 billion rupees ($149 million) and existing shares worth up to 27.5 billion rupees ($328 million), per the draft prospectus.

(Editing by Una Galani and Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Aug 23 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• HIGHDELL INVESTMENT CUTS STAKE IN KALYAN JEWELLERS INDIA TO 2.36% FROM 9.17% - EXCHANGE FILING

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Further company coverage: KALN.NS

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Fixes syntax in second paragraph of Aug. 21 story

BENGALURU, Aug 21 (Reuters) - A Warburg Pincus affiliate will sell 2.36% of its stake in Kalyan Jewellers KALN.NS for 13 billion rupees ($155 million) to another large stakeholder at a 2% discount to Wednesday's closing price, the Indian company said.

The deal will see Highdell, the Warburg affiliate, sell over 24 million shares at 535 rupees each to Trikkur Sitarama Iyer Kalyanaraman, who currently holds 60.59% in the jeweller.

The U.S. private equity, through Highdell, held a 9.2% stake in Kalyan Jewellers as of the quarter ending June, as per BSE data.

Warburg, which first invested in Kalyan in 2014, held a 24.6% stake after the jeweller's listing in March 2021.

Kalyan's shares, which have risen nearly 54% so far this year, closed 0.5% higher on Wednesday.

($1 = 83.8880 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Aug 1 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• KALYAN JEWELLERS INDIA JUNE-QUARTER CONSOL NET PROFIT 1.78 BILLION RUPEES

• KALYAN JEWELLERS INDIA JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 55.35 BILLION RUPEES

Source text for Eikon: ID:nBSEcdPj5m

Further company coverage: KALN.NS

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By Rajendra Jadhav

MUMBAI, July 30 (Reuters) - India's gold demand in the June quarter fell 5% from a year ago, but consumption in the second half of 2024 is set to improve due to a correction in local price following a steep reduction in import taxes, the World Gold Council (WGC) said on Tuesday.

Higher purchases in the world's second-biggest gold consumer could support global benchmark prices XAU=, which are trading near record highs.

The recent 9 percentage point reduction in import duty on gold, implemented before the main festival season beginning in September, is expected to revive gold demand, further supported by good monsoon rains, said Sachin Jain, CEO of WGC's Indian operations.

India last week slashed import duties on gold to 6% from 15%, a move industry officials said could lift retail demand and help cut smuggling.

The duty cut brought down domestic prices of gold MAUc1 last week to 67,500 rupees ($806.20) per 10 grams, their lowest in four months, from a record high of 74,777 rupees earlier this month.

Good monsoon showers boost food grain production and improve farmers' income. Two-thirds of India's gold demand usually comes from rural areas, where jewellery is a traditional store of wealth.

"Strong gross domestic product forecasts and rural sector recovery are all likely to support demand in the second half of the year," WGC's Jain said.

India's gold consumption in the April-June quarter fell 5% to 149.7 metric tons, as a 17% fall in jewellery demand offset a 46% rise in the investment demand during the quarter, the WGC said.

Demand for gold from India could stand between 700 metric tons and 750 metric tons in 2024, the lowest in four years, it said.

The Reserve Bank of India continued its gold buying spree in the June quarter, adding 19 tons, which brought its total purchases for the first half of the year to 37 tons, more than double the total purchased in all of 2023, the WGC said.

($1 = 83.7260 Indian rupees)

(Reporting by Rajendra Jadhav; Editing by Mrigank Dhaniwala)

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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)

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Indian jeweller Tribhovandas Bhimji Zaveri TBZL.NS reported a 7.5% rise in its fourth-quarter profit on Monday, driven by steady demand.

The company said its consolidated net profit rose to 126.1 million rupees ($1.5 million) for the quarter ended March 31, up from 117.3 million rupees a year ago.

The jewellery retail chain's bottom-line received a boost this quarter due to steady demand, driven by an extended Indian wedding season in January.

Gold demand in India, the world's second-largest gold consumer, rose 8% year-on-year in the January-March quarter despite gold prices rising to record highs of 67,850 rupees per 10 grams in the March quarter.

The Mumbai-based TBZ's total revenue from operations rose 9% to 5.07 billion rupees, while total expenses rose 9.2% to 4.93 billion rupees.

The company said it adopted advanced inventory management systems and process automation, among other processes, to streamline operations and reduce costs, adding that it plans to open franchise stores in new cities in the fiscal year 2025.

Larger rival Titan Company TITN.NS reported a quarterly profit miss earlier this month due to higher discounts and gold prices, while Kalyan Jewellers India KALN.NS reported a 96% jump in its fourth-quarter profit.

TBZ's shares ended about 0.8% higher ahead of the results. So far this year, the stock has fallen by 12.8%.

($1 = 83.1020 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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May 10 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• KALYAN JEWELLERS INDIA LTD - WITNESSING ENCOURAGING MOMENTUM IN CONSUMER DEMAND DURING CURRENT QUARTER

Source text for Eikon: ID:nBSE3C160Q

Further company coverage: KALN.NS

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April 5 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• Q4 FY2024 RECORDED CONSOLIDATED REVENUE GROWTH OF ABOUT 34% COMPARED TO SAME PERIOD IN PREVIOUS FY

• REVENUE GROWTH OF ABOUT 38% FOR INDIA OPERATIONS DURING Q4 FY2024 AS COMPARED TO Q4 FY2023

• MIDDLE EAST CONTRIBUTED ABOUT 14% TO CONSOLIDATED REVENUE FOR RECENTLY CONCLUDED QUARTER

Source text for Eikon: ID:nBSE5RwXjw

Further company coverage: KALN.NS

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BENGALURU, Feb 14 (Reuters) - India's PC Jeweller PCJE.NS posted a loss for the fifth straight quarter on Wednesday, as revenues slumped due to the impact of legal battles with its lenders.

The company has proposed a one-time settlement of its unpaid debt to lenders, who have agreed in-principle to seek internal approval for the proposal, it said on Wednesday.

PC Jeweller has already paid an upfront deposit against the settlement and is "hopeful of receiving a positive final outcome towards its settlement proposal soon".

In an attempt to revive its fortunes, the Delhi-based company is now working to revamp its operations by cutting costs and launching new collections.

Consolidated net loss of the embroiled ornaments maker widened to 1.98 billion rupees (nearly $24 million) in the three months ended Dec. 31, from losses of 611.2 million rupees a year ago and 1.38 billion rupees a quarter ago.

PC Jeweller has been grappling with a "liquidity squeeze" amid shutdowns of some of its showrooms as a tussle with lenders since last year took a toll.

The company had complained about "adverse publicity" hitting sales after a slew of lenders, including State Bank of India SBI.NS and Indian Bank INBA.NS, deemed its borrowing accounts as non-performing from 2021 and moved court to seek due repayments.

The company had been exploring the possibility of an out-of-court settlement with its lenders.

Its revenues plummeted 95% in the December quarter, a period which coincides with key festivals in India, when gold demand is usually higher, as buying bullion is considered auspicious.

Shares of PC Jeweller had slumped 44% in 2023 after three consecutive annual gains.

Meanwhile, festive demand boosted peer Kalyan Jewellers' KALN.NS profit in December quarter, while higher gold prices led to Titan TITN.NS missing estimates. Bullion prices rose about 9% in the December quarter.

($1 = 83.0209 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)

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BENGALURU, Jan 31 (Reuters) - Kalyan Jewellers India KALN.NS reported a near 22% rise in its third-quarter profit on Wednesday, lifted by festive season-fuelled demand across India and the Middle East markets.

The company's consolidated net profit rose to 1.81 billion rupees (about $22 million) in the October-December quarter, from 1.49 billion rupees a year earlier.

Its India sales jumped 40%, led by robust same-store-sales growth, Kalyan said earlier this month, as it rolled out offers during the quarter that included the Diwali and Christmas festivals.

India, the world's second-biggest consumer of the yellow metal, ramped up purchases of gold, sending imports up 60% in October to meet the festive demand.

The Thrissur, Kerala-based company added that its Middle East operations saw a 6% volume growth.

However, its total cost of materials consumed rose nearly 35%, owing to a jump in gold prices.

Kalyan, which has 235 stores across India and the Middle East, said it plans to add 15 showrooms in India, two in the Middle East and enhance the presence of its online store, Candere.

Its rivals Tribhovandas Bhimji Zaveri TBZL.NS and Tanishq jewellery brand owner Titan .TITN.NS are yet to report results.

($1 = 83.0625 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sherry Jacob-Phillips)

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Jan 5 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• Q3 RECORDED CONSOLIDATED REVENUE GROWTH OF OVER 33%

Source text for Eikon: ID:nBSE1rcqxx

Further company coverage: KALN.NS

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Jan 2 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• GETS TAX DEMAND NOTICE OF 9.4 MILLION RUPEES, INTEREST OF 20.5 MILLION RUPEES

Source text for Eikon: ID:nBSE1L92lt

Further company coverage: KALN.NS

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BENGALURU, Nov 14 (Reuters) - Kalyan Jewellers India KALN.NS reported a 27.1% rise in its second-quarter profit on Tuesday, helped by rising domestic demand for its ready-to-wear jewellery line and increased traffic at stores ahead of the festive season.

Consolidated net profit rose to 1.35 billion rupees ($16.23 million) from 1.06 billion rupees year ago for the three-months ended Sept. 30.

Its India operations, the biggest in terms of revenue contribution, saw revenue grow about 32%. Its Middle East operations saw a 5% jump in revenue as Eid holidays drove sales.

"We are extremely excited with the way the festive quarter has progressed thus far," said Ramesh Kalyanaraman, executive director, Kalyan Jewellers India.

Revenue from operations grew 27% to 44.15 billion rupees, aided by strong demand and as same-store-sales- grew across all key markets, the company said via its quarterly update.

The company also added that it expects to see robust momentum in both footfalls and revenue across all markets for the second half of FY24.

However, gold prices stretched to a record high of 61,845 rupees per 10 grams this year in India, pushing the jeweler's cost of raw materials up by 20.4% during the quarter.

Kalyan Jewellers' rivals Tribhovandas Bhimji Zaveri TBZL.NS reported a near 65% rise in profit, while Tanishq jewellery brand owner Titan TITN.NS reported a bigger-than-expected second-quarter profit during the quarter.

($1 = 83.1850 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Oct 6 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• KALYAN JEWELLERS INDIA LTD- SAW REVENUE GROWTH OF ABOUT 32% FOR INDIA OPERATIONS DURING Q2 FY2024

• KALYAN JEWELLERS INDIA LTD- GROSS MARGIN AT SHOWROOM LEVEL HAS BEEN STABLE

• KALYAN JEWELLERS INDIA LTD - REVENUE GROWTH LED BY ROBUST OPERATING MOMENTUM ON GROUND WITH HEALTHY SAME-STORE-SALES- GROWTH ACROSS ALL KEY MARKETS

• KALYAN JEWELLERS INDIA LTD- SAW CONSOLIDATED REVENUE GROWTH OF ABOUT 27% FOR RECENTLY CONCLUDED QUARTER

• KALYAN JEWELLERS INDIA LTD- CONTINUE TO WITNESS ROBUST MOMENTUM IN BOTH FOOTFALLS AND REVENUE ACROSS ALL MARKETS

• KALYAN JEWELLERS INDIA LTD- MIDDLE EAST CONTRIBUTED ABOUT 14% TO CONSOLIDATED REVENUE IN Q2

Source text for Eikon: ID:nBSEbJKgpP

Further company coverage: KALN.NS

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BENGALURU, Aug 14 (Reuters) - India's PC Jeweller PCJE.NS reported a quarterly loss for a third straight quarter on Monday, hurt by a plunge in sales as the company remains embroiled in a legal tangle with multiple banks.

The company reported a consolidated net loss of 1.72 billion rupees ($20.68 million) in the first quarter ended June 30 from a profit of 744.3 million rupees a year ago.

A slew of lenders, including State Bank of India SBI.NS, Indian Bank INBA.NS , IDFC First Bank IDFB.NS and Union Bank UNBK.NS, have deemed PC Jeweller's borrowing accounts as non-performing and have moved to court seeking loan recalls.

For its part, the Delhi-based jeweller has challenged its lenders and has sought redressal for alleged grievances.

"(A) disproportionately large amount of sale returns are a practical consequence of the court cases and adverse publicity," the company said in a statement.

Revenue from operations plunged 87.6% to 676.8 million rupees in a quarter when the Akshay Tritiya festival in April had driven demand for gold.

Finance costs at the company contributed over 50% of total expenses during the quarter.

PC Jeweller further said its domestic turnover was hurt as operations were disrupted amid a liquidity squeeze due to the ongoing litigation.

In June, a court order directed SBI, India's largest lender, to maintain the status quo and not take further legal actions against the Delhi-based jeweller.

However, SBI moved an insolvency plea against the jeweller at the National Company Law Tribunal (NCLT) last month in an attempt to recall loans, as per media reports.

Rivals Tribhovandas Bhimji Zaveri TBZL.NS and Kalyan Jewellers KALN.NS reported a profit rise as sales remained strong amid higher gold prices.

Shares of the company fell 1.3% on Monday ahead of the results, after falling about 67.6% so far this year.

($1 = 83.1716 Indian rupees)

(Reporting by Biplob Kumar Das in Bengaluru; Editing by Janane Venkatraman)

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BENGALURU, Aug 9 (Reuters) - Kalyan Jewellers India KALN.NS reported on Wednesday a 33% surge in its first-quarter profit, underpinned by premium pricing and improved demand during the festive season.

The jewellery retailer's profit came in at 1.44 billion rupees ($17.39 million) for the three-month period ended June 30.

Demand for gold usually stays strong in April as Indians celebrate annual festival of Akshaya Tritiya, when buying bullion is considered auspicious.

The Reserve Bank of India's decision to withdraw 2,000-rupee notes also helped jewellers charge a premium for the yellow metal during most of the reported quarter.

The Thrissur, Kerala-based company's revenue grew 31.3% to 43.76 billion rupees, led by a 34% increase in revenue from its operations in India - the world's second-largest consumer of gold.

"The recently concluded quarter ... witnessed continued robust momentum in both footfalls and revenue across all our markets in India and the Middle East," Executive Director Ramesh Kalyanaraman said in a statement.

Shares of Kalyan, which gained 45.2% so far this year, were up 3.4% after the results were announced.

Kalyan Jewellers' peer Tribhovandas Bhimji Zaveri TBZL.NS posted a five-fold jump in profit, while Tanishq jewellery brand owner Titan TITN.NS reported strong gold sales during the first quarter.

($1 = 82.8100 Indian rupees)

(Reporting by Varun Vyas and Manvi Pant in Bengaluru; Editing by Sherry Jacob-Phillips)

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By Rajendra Jadhav

MUMBAI, Aug 1 (Reuters) - India's gold demand in 2023 could fall 10% from a year ago to their lowest in three years, as record high prices are dampening retail purchases, the World Gold Council (WGC) said on Tuesday.

The lower purchases in the world's second-biggest gold consumer could limit a rally in global prices XAU=. Falling demand for gold imports could also help to narrow India's trade deficit and support the rupee INR=D3.

"We remain cautious about gold demand as it faces uncertainties due to elevated local prices and slowdown in discretionary spending," said Somasundaram PR, regional chief executive officer of WGC's Indian operations.

Demand could fall to 700 metric tons in 2023 from 774.1 metric tons a year ago, he said.

Indian gold consumption in the April-June quarter fell 7% to 158.1 metric tons, as both jewellery and investment demand dropped due to a rally in local prices MAUc1, which hit a record high of 61,845 rupees per 10 grams in the quarter, the WGC said.

Higher gold prices have been prompting some people to sell their old jewellery and coins, leading to a jump in scrap supplies, he said.

In the June quarter, scrap supplies jumped 61% from a year ago to 37.6 metric tons, the highest in nearly 3 years, the data showed.

Gold smuggling has gained momentum because of record high prices and since New Delhi last year raised import duty on the precious metal, Somasundaram said.

Grey market operators, who smuggle gold in from overseas and sell it for cash to avoid duties, have been offering discounts, thus hurting organised players who pay duties, he added.

(Reporting by Rajendra Jadhav; Editing by Rashmi Aich)

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July 19 (Reuters) - Kalyan Jewellers India Ltd KALN.NS:

• WILL FURTHER EXPLORE EXPANSION OPPORTUNITIES MAJORLY VIA FRANCHISEE MODEL IN MIDDLE EAST

Further company coverage: KALN.NS

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