The shares of Kalyan Jewellers India continued to record stellar gains for its shareholders, soaring another 9% on Friday to extend its rally to a whopping 36% over three consecutive sessions after a strong Q1 business update.

The company’s shares jumped to Rs 483.40 apiece on the NSE on Friday morning, the highest level seen by the stock in nearly six months. The sharp gains over the three days added more than Rs 13,280 crore in investors’ wealth, pushing the company’s market capitalisation to Rs 49,896 crore.

Kalyan Jewellers Q1 business update

Kalyan Jewellers on Tuesday said the April-June quarter of the ongoing financial year 2027 was a “very satisfying one” as it recorded consolidated revenue growth of nearly 38% when compared to the same period in the previous financial year. The gold jewellery maker’s 38% revenue growth came despite the 28-day Adhik Maas period falling fully in the recently concluded quarter, when several customers typically avoid gold purchases.

The company also posted same-store sales growth of approximately 28%. The share of recycled gold as a percentage of revenue rose to over 46% during Q1 FY27. For the month of June, the share of recycled gold as a percentage of revenue was in excess of 55%.

The international operations recorded revenue growth of approximately 35% year-on-year (YoY) in Q1 FY27. “Within the Middle East specifically, we witnessed revenue growth of approximately 30% for Q1 FY27 as compared to Q1 FY26, driven predominantly by same-store sales growth despite the impact on footfall during April due to the geopolitical tensions in the region,” it added.

Kalyan launched 12 showrooms and 5 Candere showrooms in India during the quarter under review. “The ongoing quarter has started well, and we are upbeat about the new showroom launches, gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country,” the company added further in a statement.

Also read: Jewellery companies put shine on D-St with strong biz updates

What lies ahead for Kalyan Jewellers shares?

Citi remains bullish on the shares of Kalyan Jewellers and believes the stock has the potential to rise to Rs 750 apiece. This implies an upside potential of more than 69% from the stock’s previous closing price of Rs 443 apiece. The international brokerage expects the company’s franchise-led expansion strategy to continue supporting revenue growth. It also believes the company’s asset-light model will aid deleveraging and improve return on capital employed (ROCE).
ICICI Securities, meanwhile, maintained a Buy rating on the stock with a target price of Rs 670, implying an upside of more than 51%. The brokerage said Kalyan Jewellers’ strong Q1 FY27 performance despite multiple headwinds reflects resilient underlying jewellery demand.It believes continued store expansion and the ongoing formalisation of the jewellery industry reinforce its positive outlook, although it cautioned that any structural decline in natural diamond prices remains a key risk.

Kalyan Jewellers share price

Kalyan Jewellers shares have jumped 25% in one week and more than 40% in one month. The stock is, however, down around 2% in 2026 so far and 19% in one year. In the longer term, the stock has delivered 190% returns over three years and 514% in five years.

Also read: Kalyan Jewellers stock to double from here? Why analysts are bullish

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of Dixon Technologies India jumped as much as 4% to Rs 14,027 on the BSE on Friday after Chinese smartphone brand Vivo Mobile India received the long-pending government approval to form a joint-venture partnership with Dixon for manufacturing of smartphones.

Both companies had signed a binding term sheet in December 2024 under which the electronics manufacturer will hold 51% of the share capital, while Vivo India will have 49% share. The joint-venture was pending government approval under the Press Note 3 of 2020 which mandates companies from countries sharing a land border with India to require government approval to invest in India.

Also Read | Vivo receives govt’s nod to form JV with Dixon Technologies to manufacture smartphonesThe joint-venture entity will act as the original equipment manufacturer (OEM) of electronic devices including smartphones for Vivo Mobiles in India. The entity can also engage in manufacturing for other brands, Dixon said.

What are experts saying?

Emkay raised its target price to Rs 15,200 (13%upside) from Rs 13,477 while maintaining a Buy rating on the counter. The brokerage said regulatory approval for the 51:49 joint venture with Vivo removes a key overhang and paves the way for large-scale manufacturing of Vivo smartphones. It has raised its Vivo production estimates to 6.5 million units in FY27 and 18 million units in FY28, resulting in 14% and 17% upgrades to its FY27 and FY28 EPS estimates, respectively.

Emkay noted that Dixon already accounts for 45-50% of India’s smartphone manufacturing capacity, with the Vivo JV expected to further strengthen its leadership. It also sees continued policy support for domestic electronics manufacturing, including the proposed Mobile PLI 2.0 scheme, as a key growth driver. The brokerage believes Dixon’s strong return ratios, negative working capital cycle and robust cash generation justify its premium valuation and remains positive on the stock.
Nomura has maintained its Buy rating on Dixon Technologies with a target price of Rs 13,813. It believes the regulatory approval for the joint venture improves volume visibility for Dixon, which currently accounts for around 18% of India’s mobile manufacturing with approximately 33 million units in FY26. Assuming Dixon secures around 70% of Vivo’s production, Nomura estimates its annual output could rise to nearly 60 million units over the next few years, translating into a 35-38% market share. Also Read | Dixon, Amber, Syrma: Harshit Kapadia on why India’s EMS sector is back on the radar & which stocks to buyThe brokerage expects the JV to commence operations from September 2026, with VMI production estimated at 12 million units in FY27, rising to around 17 million units in FY28 and increasing further in FY29. It believes Dixon has strong visibility of producing around 55 million mobile units in FY28, with scope for additional growth thereafter.

Vivo is the country’s leading smartphone player by volumes, with an estimated 23% market share and shipments of around 35 million units in CY25, up 15% year-on-year despite an industry-wide volume decline of around 2% following sharp price hikes.

Dixon’s management has been bullish on the joint-venture agreement unlocking further manufacturing volumes for the company, which has become one of the largest smartphone makers in India.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

There is no legitimate reason for nicotine products to come in neon packaging, feature cartoon images, or use flavours and branding designed to catch a child’s eye, say health experts.

Murray said: “The evidence is clear: there are too many young people experimenting with vapes, attracted by the array of flavours, bright colours and marketing displays.

“We must act now to reduce the appeal of addictive vapes to our children.

“Vapes are less harmful than cigarettes and can play an important role in helping adult smokers to quit, but they should never be designed or marketed in ways that tempt children.

“These proposals are about striking the right balance and I urge everyone to have their say.”

The 100 day consultation follows the recent passing of the Tobacco and Vapes Act, which sets out proposals to create the UK’s first smoke-free generation, protecting children from nicotine addiction, while ensuring adult smokers can still access vaping products to help them quit.

Children aged 17 or younger now face a lifelong ban on buying cigarettes, since it will be illegal for shops to sell tobacco to anyone born after 1 January 2009.

And it gives the power to ban vaping in cars carrying children, in playgrounds and outside schools and at hospitals, expanding smoke-free laws.

It follows a ban on single-use vapes and comes ahead of future bans on the sale of vapes from vending machines and a planned end to the advertising and sponsorship of vapes.

Around one million or nearly one in every five 11-17 year olds in Great Britain reported trying vaping in 2025, according to the charity Action on Smoking and Health.

The consultation also proposes inserts for cigarette packs telling buyers where to get help to quit and plans to make all tobacco products – including cigarette rolling paper and cigars – come in plain packaging.

The shares of Dr Reddy’s Laboratories tumbled another 4% on Friday, extending their decline to more than 9% over two days after the company said commercial supplies of its semaglutide product would be delayed due to a quality-related issue involving the active pharmaceutical ingredient (API) used in certain batches.

The pharma company’s shares fell to Rs 1,222 apiece, their lowest level in nearly three months, wiping out more than Rs 10,600 crore in market capitalisation over two sessions and taking its market value below Rs 1.02 lakh crore.

Dr Reddy’s Labs on Thursday announced that certain batches of semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product. It added that it is investigating the root cause and taking appropriate measures to ensure product quality.

“Until the issue is resolved, commercial supplies of the product will be delayed for a certain period of time. There is no impact on patient safety or on the product’s existing global regulatory filings. We remain committed to ensuring reliable global supplies of this important metabolic therapy,” the company said.

Nuvama on Dr Reddy’s Labs share price

Nuvama maintained its ‘Buy’ rating on the shares of Dr Reddy’s Labs, but reduced its target price to Rs 1,465 apiece from Rs 1,560 apiece. The latest target price implies an upside potential of more than 15% from the stock’s previous closing price.
The brokerage said that the latest development process-driven setback, although an extended halt can be a challenge to the company’s FY27 earnings. “We reckon this affects the near-term ramp-up, with supply to the CMO partner being halted until validation is complete. DRRD now expects to supply 6–7 million pens in FY27. While Abatacept approval remains on track for December 2026 and anchors our core thesis, the semaglutide API issue raises the risk to our estimates. Semaglutide’s contribution would now be missing in Q2 FY27,” it added.
JM Financial on Dr Reddy’s Labs share price

JM Financial maintained its ‘Buy’ rating on the shares of Dr Reddy’s Labs, but cut its target price to Rs 1,561 apiece from Rs 1,596 apiece. The latest target price implies an upside potential of nearly 23% from the stock’s previous closing price.

The domestic brokerage slashed its revenue, EBITDA and profit after tax estimates for FY27 by 7%, 16% and 18%, respectively. “We believe the company will be able to ramp up its operations to the previously guided levels by FY28. In addition, the Abatacept opportunity in FY28 should drive the EPS to Rs 78. The stock currently trades at 16x FY28 earnings, which we view as attractive given the upcoming growth catalysts,” it added.

Also read: Dr Reddy’s shares slide after delay in semaglutide supplies over quality concerns

Motilal Oswal on Dr Reddy’s Labs share price

Motilal Oswal maintained its ‘Neutral’ rating on the shares of Dr Reddy’s Labs, with a revised target price of Rs 1,210 apiece. The latest target price implies a downside potential of nearly 5% from the stock’s previous closing price.

The domestic brokerage highlighted that the delay in the commercial supply of semaglutide, due to an out-of-specification impurity issue in the semaglutide formulation, is expected to postpone the product ramp-up. “Factoring in the slower semaglutide ramp-up, we cut our FY27/FY28 earnings estimates by nearly 11%/2%, respectively…While earnings are likely to remain under pressure in FY27 amid lower g-Revlimid contribution and delayed semaglutide supplies, we expect recovery from FY28 onwards, driven by normalisation in semaglutide sales, improving base business growth, and potential Abatacept approval,” it added.

Systematix on Dr Reddy’s Labs share price

Systematix Institutional Equities downgraded its rating on the shares of Dr Reddy’s Labs from ‘Buy’ to ‘Hold’, and reduced its target price to Rs 1,398 apiece, implying a 10% downside potential.

The brokerage believes that execution risk remains, with the possibility of further delays should the validation process take longer than anticipated. That said, its FY27 forecasts had already incorporated a prudent launch ramp-up, with volume assumptions materially below management’s revised guidance of 6–7 million pens and therefore remain largely unchanged, it added.

“However, we believe the temporary disruption could diminish Dr Reddy’s first-mover advantage, allowing competing players to enter the market earlier and potentially moderating pricing power and market share gains over the medium term,” the brokerage said.

Also read: Dr Reddy’s pauses weight loss drug on quality fears

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Authentic Brands Group (ABG) is putting a plan in place for Lee overseas.

The global brand development, marketing and entertainment platform announced a new long-term partnership with strategic retail and distribution firm Experience Group for Lee across Europe.

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Madrid-based Experience Group will serve as Lee‘s operating partner across Europe leveraging its regional expertise, operating infrastructure and product capabilities to support the next phase of growth for the brand.

The agreement covers men’s and women’s sportswear, activewear and workwear. ABG said it is designed to strengthen Lee’s presence across wholesale, retail and e-commerce channels while expanding the brand’s reach in international markets.

“This partnership is an important step in Lee’s international expansion strategy and reflects the strength of our platform model,” said Henry Stupp, president, EMEAI at Authentic. “Experience Group brings deep knowledge of the region, proven operating capabilities and a clear understanding of how to build brands across channels. Together, we see a significant opportunity to grow Lee’s presence across Europe while continuing to deliver the products and experiences consumers know and love.”

The partnership will take effect following the closing of ABG’s acquisition of the heritage denim brand, which is expected to close in the second half of 2026. In May, ABG signed a definitive agreement with Kontoor Brands Inc. to acquire Lee in a deal valued at up to $1 billion.

Experience Group owns and operates retail and wholesale businesses under license partnerships with international corporations including Vans, Columbia, New Era, Sperry and more. It operates more than 100 stores across five European countries and operates a logistics platform and distribution network.

“We are proud to partner with Authentic on the next chapter of Lee’s growth across Europe,” said Nacho Puig, Experience Group CEO and co-founder. “Lee is a brand with global recognition and a strong foundation in denim and lifestyle. We look forward to building on that legacy by bringing Lee’s denim heritage, craftsmanship and product offering to more consumers across the region while creating new opportunities for the brand’s future.”

Last month, ABG announced a partnership with One Jeanswear Group for the U.S. and Canada.

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