Shares in Kalyan Jewellers rallied more than 12 per cent to a fresh high on Wednesday after the Indian jewellery retailer reported a 64 per cent jump in quarterly profit. The Hindu BusinessLine reported the surge on 11 November.

The company said consolidated net profit rose to 427 crore rupees for the quarter ended 30 September, up from 260.51 crore rupees a year earlier. Revenue from operations climbed 31 per cent to 10,323 crore rupees, against 7,856 crore rupees in the same period last year.

Stock hits upper circuit at the open

The stock hit its 10 per cent upper circuit limit of 672.10 rupees at the open, and later touched an intraday high of 689 rupees, a fresh 52-week peak. It had closed at 611 rupees on Monday, according to Upstox.

The headline profit figure was flattered by a one-time gain of 73.5 crore rupees from the sale of non-core real estate. Excluding that gain, net profit stood at about 354 crore rupees, still up by nearly 36 per cent year on year.

India drives growth as Middle East slows

Revenue in India rose 32 per cent to 9,007 crore rupees, with profit up 62 per cent to 424 crore rupees, while same-store sales grew about 20 per cent. The Middle East business was slower: revenue grew 11 per cent to 961.3 crore rupees, but profit fell 19 per cent to 12.2 crore rupees.

For the first half of the financial year, net profit grew 48 per cent to 776 crore rupees. Global broker UBS kept its Buy rating on the stock with a target price of 900 rupees, implying upside of about 47 per cent from Monday's close. Executive director Ramesh Kalyanaraman said the festive quarter had begun well.