TBZ

** Tribhovandas Bhimji Zaveri TBZL.NS jumps 5%, the upper limit of exchange-allowed trading band, to 179 rupees

** Jewellery maker's Q3 profit after tax soars 45% y/y; rev climbs 25%

** Stock set to snap four sessions of declines

** Day's gains trim YTD losses to 24%; TBZL had gained ~85% in 2024

($1 = 86.5020 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

Feb 11 (Reuters) - Tribhovandas Bhimji Zaveri Ltd TBZL.NS:

• DEC-QUARTER CONSOL NET PROFIT 298.8 MILLION RUPEES

• DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 9.28 BILLION RUPEES

Source text: ID:nBSE72WzV9

Further company coverage: TBZL.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)

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

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)

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

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)

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

** Shares of PC Jeweller PCJE.NS rise 2% to 154 rupees, hitting their highest since April 2019

** Co to consider a stock split on Sept. 30

** PCJE on track for fourth straight session of gains

** Stock has more than tripled so far this year vs an over two-fold rise in peer Tribhovandas Bhimji Zaveri TBZL.NS

(Reporting by Dimpal Gulwani in Bengaluru)

(([email protected]))

** Shares of Indian jewellers jump 4-20%; gold financers gain as much as 4%

** Gold at record high on US rate cut optimism

** Tribhovandas Bhimji Zaveri TBZL.NS surges 20% and PC Jeweller PCJE.NS jumps 5%, both hit exchange-allowed upper limit

** Kalyan Jewellers KALN.NS and Senco Gold SENC.NS climb 6.3% and 4.1%, respectively, hit record highs

** Gold financiers Muthoot Finance MUTT.NS and Manappuram Finance MNFL.NS advance 2.6% and ~4% respectively

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** 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)

(([email protected]))

** Shares of Sky Gold SKYG.NS up 5% at 2,347 rupees

** Stock hits upper limit of exchange-mandated trading band, after hitting this limit 29 other times in 2024

** Jewellery maker's Q1 consol net profit surges 98.9%; rev up 92.5%

** Stock up 130% YTD, vs a 52% and 27% surge in shares of peers Kalyan Jewellers KALN.NS and Tribhovandas Bhimji Zaveri TBZL.NS

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

** Shares of Tribhovandas Bhimji Zaveri TBZL.NS rise 10.3% to 149.61 rupees

** Co posted a 50% rise in Q1 profit on Monday, helped by higher demand for its gold jewellery despite soaring prices

** Rivals Kalyan Jewellers India KALN.NS and Titan TITN.NS flat

** Trading vols 1.2x 30-day avg

** TBZL has risen more than 17% YTD, compared to 54% jump in KALN and 8% loss in TITN

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected]))

Aug 5 (Reuters) - Tribhovandas Bhimji Zaveri Ltd TBZL.NS:

• Q1 CONSOL NET PROFIT 170.5 MILLION RUPEES

• Q1 CONSOL TOTAL REVENUE FROM OPERATIONS 5.96 BILLION RUPEES

Further company coverage: TBZL.NS

(([email protected];))

** Shares of jewellers Titan Company TITN.NS, Tribhovandas Bhimji Zaveri TBZL.NS, Senco Gold SENC.NS rise between 2% and 5%

** India govt to reduce import tax on gold, silvers bars to 6%, Finance Minister Nirmala Sitaraman says in union budget

(Reporting by Anisha Ajith in Bengaluru)

(([email protected];))

** Shares of jeweller Titan Company TITN.NS down 2% at 3,270.05 rupees

** Kotak Institutional Equities cuts to "reduce" from "add", cuts PT to 3,075 rupees from 3,600 rupees

** Says growing competition among large players since past 1-2 years to intensify as Aditya Birla Group launches this year

** Adds increase in gold prices is helping smaller players as inventory gains allow them to offer more discounts

** TITN quarterly update due later today

** Avg rating of 27 analysts equivalent of "buy", median PT is 3,700 rupees - LSEG data

** TITN shares slid 10.5% in June

** Kalyan Jewellers KALN.NS and Tribhovandas Bhimji Zaveri TBZL.NS have gained 16-17%

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

** Shares of Sky Gold SKYG.NS rise 5% to 1,528.60 rupees, hitting a record high and its upper circuit

** Jewellery maker acquires two firms, Starmangalsutra and Sparkling Chains, for a consideration of 499.8 million rupees (~$6 million)

** Stock on track for fourth consecutive session of gains

** Stock up 50% YTD compared to peers Tribhovandas Bhimji Zaveri TBZL.NS which is down ~4% YTD while Kalyan Jewellers India KALN.NS is up 25%

($1 = 83.5280 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru)

(([email protected]))

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)

(([email protected]; +91 8805175330 ;))

** Shares of Senco Gold SENC.NS rise as much as 11.6% to 894.70 rupees; last up 9.4%

** Jewellery retailer says revenue grew 39% Y/Y in Q4, resulting in 28% growth in FY24

** 1 mln-plus shares traded, over 6x the 30-day avg and busiest session since late Feb

** SENC lost 7.2% in March, worst month since listing in July 2023

** Still, stock is up ~28% YTD, while larger rival Tribhovandas Bhimji Zaveri TBZL.NS has dropped ~10%

** TBZL down about 4% on the day

(Reporting by Dimpal Gulwani in Bengaluru)

(([email protected]))

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)

(([email protected];))

** Shares of Indian jewellers fall 2%-4.5% after govt raised import duty on gold and silver findings, and coins

** Kalyan Jewellers KALN.NS, PC Jeweller PCJE.NS, Vaibhav Global VAIB.NS down 2%-4.5%; Goldiam International GOLI.NS Tribhovandas Bhimji Zaveri TBZL.NS down 4%-2%

** KALN only "Buy" rated stock on average after Titan TITN.NS among jewellery stocks - LSEG

** KALN top performer last year among jewellery stocks, gaining 179%

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of Senco Gold Ltd SENC.NS rise 15.6% to record 850 rupees

** Jewellery retailer's Q3 rev grew 24% to an all-time high; gold vols up 9%, diamond vols up 27%

** Stock last up 10.4%, trading higher for third straight session

** Around 680,000 shares traded vs 30-day avg of ~357,000 shares

** SENC's 62% rise in 2023 – which is also when it listed – in line with larger rival Tribhovandas Bhimji Zaveri TBZL.NS, better than Titan's TITN.NS 42%, but trails Kalyan Jewellers' KALN.NS 180% rise

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of Kalyan Jewellers India KALN.NS rise as much as 4.4% to 380 rupees; hits highest level since listing

** Stock on track for a 2nd consecutive session of gains, if trend holds

** Co says revenue for India operations up about 40% Y/Y in Q3

** Added 22 net new 'Kalyan' showrooms in India during qtr - Co

** Stock above its 200-day moving avg since June 1, 2023

** Avg analyst rating of KALN is a "buy" per LSEG data; PT of 362 rupees is slightly below current market price

** Stock rose 180% in 2023, outperforming 41% gains in TITN and 49% rise in Tribhovandas Bhimji Zaveri TBZL.NS

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected]; +91 6001289066;))

Nov 6 (Reuters) - Tribhovandas Bhimji Zaveri Ltd TBZL.NS:

• SEPT-QUARTER CONSOL NET PROFIT 90.1 MILLION RUPEES VERSUS 54.7 MILLION RUPEES

• SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 4.81 BILLION RUPEES VERSUS 5.37 BILLION RUPEES

Source text for Eikon: ID:nBSEc2T7jL

Further company coverage: TBZL.NS

(([email protected];))

** Shares of Indian jewellers Kalyan Jewellers KALN.NS, Vaibhav Global VAIB.NS, Thangamayil Jewellery THNG.NS, Goldiam International GOLI.NS, Tribhovandas Bhimji Zaveri TBZL.NS, PC Jeweller PCJE.NS and Senco Gold SENC.NS rise between 1%-6%

** Jewellers like Kalyan, Titan TITN.NS have reported strong sales in Q2, while gold demand has risen amid conflict in the Middle East

** ICICI Securities expects jewellery segment to outperform other consumer discretionary segments in medium term, as it is relatively immune to general slowdown in consumer discretionary spends

** Brokerage sees Kalyan potentially outperforming Titan in FY24 revenues

** ICICI says KALN benefits from faster retail expansion; expects co to exceed its guidance of store expansion in FY24

(Reporting by Aleef Jahan and Sethuraman NR in Bengaluru)

(([email protected]))

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)

(([email protected]; 9101861583;))

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)

(([email protected];))

Aug 1 (Reuters) - Tribhovandas Bhimji Zaveri Ltd TBZL.NS:

• INDIA'S TRIBHOVANDAS BHIMJI ZAVERI JUNE-QUARTER CONSOL NET PROFIT 113.7 MILLION RUPEES VERSUS 24.4 MILLION RUPEES

• TRIBHOVANDAS BHIMJI ZAVERI MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 5.71 BILLION RUPEES VERSUS 5.8 BILLION RUPEES

Source text for Eikon: ID:nBSE7kQC2S

Further company coverage: TBZL.NS

(([email protected];))

May 31 (Reuters) - Tribhovandas Bhimji Zaveri Ltd TBZL.NS:

• CLARIFICATION ON NEWS ON STING OPERATION AT CERTAIN JEWELLERY STORES IN NEW DELHI

• CLARIFY THAT NEWS ARTICLE(S) NOT IN RELATION TO AND DOES NOT REFER TO THE CO

• CO IS NOT INVOLVED IN ANY SUCH PRACTICE AS REFERRED TO OR MENTIONED IN NEWS ARTICLE

Source text for Eikon: [ID:]

Further company coverage: TBZL.NS

(([email protected];))

BENGALURU, May 24 (Reuters) - Indian jeweller Tribhovandas Bhimji Zaveri TBZL.NS reported a more than three-fold rise in fourth-quarter profit on Wednesday on a drop in expenses and strong sales.

The company said its consolidated net profit rose to 117.3 million rupees ($1.4 million) for the quarter ended March 31, from 36 million rupees a year earlier.

Gold prices rose sharply in the second half of the January-March quarter, backed by the wedding season and the impending Akshaya Tritiya festival, considered auspicious for investments in the yellow metal, in April.

Analysts expect gold prices to stay near all-time highs in the coming months as central banks stop raising interest rates and investors buy bullion as a hedge against economic uncertainty.

The Mumbai-based jeweller's total revenue had risen between 6% and 199% in the prior three quarters, rising nearly 8% in the January-March quarter.

Its margins for earnings before interest, tax, depreciation and amortisation (EBITDA) surged to 6.51% from 3.58% a year earlier, aided by an over 22% drop in raw materials costs which constitute more than 63% of the total expenses.

The company's shares settled unchanged from their previous close ahead of the results.

($1 = 81.7800 Indian rupees)

(Reporting by Ashna Teresa Britto; Editing by Sohini Goswami)

(([email protected];))