Shares of Kalyan Jewellers India Ltd jumped as much as 15.92% on Thursday, July 9, touching a day’s high of Rs 440 on the NSE.

The move came a day after the jewellery retailer put out a strong business update for the April-June quarter, its first for the new financial year.

In an exchange filing dated July 7, the company said its India business grew revenue by more than 38% year-on-year during the quarter. Same-store sales, which measure growth at stores that have been open for a while, rose around 28%.

This came even though the entire 28-day Adhik Maas period, a time when wedding-related jewellery buying usually slows down, fell fully within the quarter.

International operations also did well. Revenue from overseas markets grew 35% year-on-year, while the Middle East business, its biggest overseas market, expanded 30%, even as tensions in the region affected store footfall in April.

Kalyan’s digital jewellery platform Candere stood out, with revenue more than doubling, up 112% from a year earlier. The company said it saw ‘healthy same-store-sales-growth across all the key markets’ during the quarter. Put together, consolidated revenue grew close to 38% for the three months.

This is the second straight session of gains for the stock, which had already climbed nearly 5.5% on Wednesday. Over the two sessions, the counter has now added around 16%.

During the quarter, Kalyan opened 12 new Kalyan showrooms and five Candere stores, taking its total network to 524 outlets across India, the Middle East, the US and the UK. The stock had touched a 52-week low of Rs 327 in June and remains well below its 52-week high of Rs 617.30, hit last July.

At 11:28 am, shares of Kalyan Jewellers were trading at Rs 433.45 on the NSE, up 15.85% for the day and holding close to the day’s high. Trading activity was heavy too, with over 3 crore shares changing hands in just the first 45 minutes of the session.

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