Why This Mid-Cap Stock Soared To A Record High Today

Shares of jewellery retail chain Kalyan Jewellers were soaring on Wednesday after the firm posted robust results for the quarter ended June.

What Happened: The company’s consolidated revenue for the quarter reached ₹4,376 crore, a 31% surge from the previous year’s ₹3,333 crore.

Profit after tax for the first quarter stood at ₹144 crore, which is an increase of around 33% from the preceding year.

Profit from Indian operations grew about 35%, reaching ₹129 crore versus ₹95 crore posted last year.

Candere, the company’s e-commerce division, however, reported a loss of ₹2.2 crore, compared to a loss of ₹1.2 crore in the same period last year.

Price Action: Kalyan Jewellers’ share price was up 3.43% at ₹183.75 in afternoon trade on Wednesday. The stock also hit a new 52-week high of ₹189 earlier in the day.

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