Shares of Kalyan Jewellers India surged as much as 9% to Rs 407.75 in Thursday’s trade, extending their winning streak for a second straight session. The stock has now rallied more than 15% in two days, buoyed by the company’s strong first-quarter business update. In the previous session, the shares had gained over 6% after the company reported robust revenue growth.

The jewellery retailer posted an estimated 38% year-on-year increase in consolidated revenue for Q1 FY27, driven by strong demand across its domestic and international markets.

The company said its India business recorded revenue growth of over 38%, supported by healthy same-store sales growth of around 28% across key markets. The performance came despite the quarter being impacted by the 28-day Adhik Maas period, a once-in-three-years occurrence during which wedding-related jewellery purchases typically slow in several parts of the country.

A key highlight during the quarter was the launch of Kalyan’s ‘Shine with India’ gold recirculation campaign, aimed at increasing the use of recycled gold and reducing reliance on imports. The initiative gained strong customer traction, with recycled gold accounting for more than 46% of revenue during the quarter. In June alone, the share of recycled gold exceeded 55% of revenue.

The company’s international business also delivered solid performance, with revenue rising around 35% year-on-year. In the Middle East, revenue grew approximately 30%, despite softer footfalls in April due to geopolitical tensions. International operations contributed about 14% of consolidated revenue during the quarter.

Meanwhile, Kalyan’s digital-first jewellery platform, Candere, continued its strong momentum, registering an impressive 112% year-on-year revenue growth in Q1 FY27.
The company also expanded its retail footprint during the quarter by opening 12 Kalyan Jewellers showrooms and five Candere outlets across India, further strengthening its nationwide presence.Share Price Trend & Technical Snapshot

Kalyan Jewellers currently commands a market capitalisation of Rs 38,639 crore. Its 52-week high stands at Rs 617.70.

On the valuation front, the stock trades at a price-to-earnings (P/E) ratio of 28.61, with a price-to-sales (P/S) ratio of 1.09 and a price-to-book (P/B) ratio of 6.12.

From a technical perspective, the 14-day Relative Strength Index (RSI) stands at 50.3, indicating neutral momentum. Typically, an RSI reading below 30 signals oversold conditions, while a level above 70 suggests the stock may be overbought.

The trend remains mixed but is showing signs of improvement. Kalyan Jewellers is trading above five of its eight key simple moving averages (SMAs), reflecting positive near-term momentum. However, the stock is still below its 100-day and 200-day SMAs, indicating that it has yet to decisively reclaim its medium- and long-term bullish trend.

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

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in PGY over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Shares of Dixon Technologies, Syrma SGS Technologies and Amber Enterprises rose as much as 6% on Thursday after the Centre expanded customs duty concessions on a range of machinery and components used in electronics manufacturing.

The benefits, which come into effect immediately, cover equipment and parts used in lithium-ion batteries, display modules and smartphone components, and will remain in force until March 31, 2029.

Syrma SGS jumped 6% to Rs 1,440 on the BSE, while Dixon Tech rallied 5% to Rs 13,525 per share. Amber Enterprises rose 3% to Rs 7,645 per share.

The decision is expected to lower the cost of importing specialised machinery and components that are not widely produced in India. It is also aimed at encouraging fresh investments in battery cell manufacturing, automotive electronics and advanced electronics assembly.

Exemption details

The most significant change relates to lithium-ion battery manufacturing. According to a notification issued by the Central Board of Indirect Taxes and Customs (CBIC), the government has replaced the earlier list of eligible machinery under the existing exemption notification with a revised list covering 85 types of equipment. The expanded list includes nearly all machinery used across the lithium-ion battery manufacturing process.

The Centre has also extended customs duty concessions to six components used in the manufacture of inductor coil modules for wireless charging in mobile phones. These include nano-crystalline assemblies, E-shields, PET liners, PC shims, coils and neodymium magnets.
Also read: Govt extends duty relief for electronics, lithium-ion battery manufacturing till 2029
The revised exemption list spans equipment used throughout the battery production cycle, including material mixing, coating, pressing, slitting, winding, stacking, electrolyte filling, welding, testing, ageing, inspection and packaging. It also covers auxiliary systems such as solvent recovery, heat recovery, dust collection and effluent treatment.
In a separate notification, the government announced customs duty relief on five key components used in display assemblies for automotive, medical and industrial applications. The eligible components include display cells, flexible printed circuit assemblies (FPCAs), backlight units, frames and anisotropic conductive film (ACF).

The latest measures are part of the government’s broader effort to strengthen domestic manufacturing capabilities and build resilient supply chains in sectors linked to electronics and electric mobility.

How will this benefit Dixon, Syrma, and Amber?

Dixon Technologies, India’s largest domestic contract manufacturer of smartphones, IT hardware and television sets, is expected to benefit from lower input costs. The customs duty relief is likely to improve unit economics, support margins and aid the company’s continued expansion in its mobile and electronics manufacturing businesses.

For Syrma SGS Technologies, the concessions are favourable given its presence in the domestic production of magnetic products such as inductor coils, chokes and transformers. The duty relief on components used in inductor coil modules is expected to improve the competitiveness of domestic assembly compared with direct imports from China.

Read more: Dixon, Amber, Syrma: Harshit Kapadia on why India’s EMS sector is back on the radar & which stocks to buy

Amber Enterprises is also likely to benefit through lower costs for importing specialised machinery required for its expanding electronics manufacturing services (EMS) business. The measure could improve project viability, support future capacity additions and strengthen the domestic electronics manufacturing ecosystem over the longer term.

India’s Electronics Manufacturing Services sector has grown from $10 billion to $40 billion in just five years, and according to Harshit Kapadia, Vice President at Elara Securities, the structural story is far from over.

“This is going to run for decades from now,” Kapadia told ET Now, pointing to a powerful combination of global supply chain diversification, India’s manufacturing cost advantage, and the government’s renewed policy push, including a fresh outlay of ₹40,000 crore for the EMS sector.

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

The company says it has managed to stop cancer cells growing in a lab

A University of Bath spin-out developing a novel way to treat cancer has secured £572,000 in its latest fundraise. Revolver Therapeutics said the funding would be used to support its scientific work focusing on therapeutics for colorectal cancer, including creating a pipeline of new treatments.

The round was led by QantX, with follow-on investment from the UK Innovation & Science Seed Fund (UKI2S) managed by Future Planet Capital, as well as from the University of Bath.

Jody Mason, chief scientific officer of Revolver Therapeutics and professor of biochemistry in the University of Bath’s Department of Life Sciences, said the funding was “a huge vote of confidence” in the team and the science being built in Bath.

“Backing like this is exactly what a spin-out needs to take bold science from the lab and turn it into something that could genuinely help patients,” he said.

“We’ve already shown we can stop tumour cells growing in the lab while cracking the challenge of getting our molecules inside cells – a hurdle that has held this field back for years.

“This investment lets us build on that progress, starting with colorectal cancer, and move closer to new treatments for the people who need them most. We’re hugely grateful to our investors for believing in what we’re trying to achieve – for colorectal cancer and beyond.”

Richard Haycock, co-founder and chief executive of QantX, said Revolver could “open the door” to a whole new way of treating cancer and other hard-to-tackle diseases.

“That’s exactly the kind of hard science QantX exists to back,” he said. “They’re a standout example of world-class innovation coming out of the South West of England, taking on one of the toughest challenges in cancer research.

Oliver Sexton, investment director at UKI2S, managed by Future Planet Capital, added: “Revolver continues to pioneer an exciting new approach to cancer treatment by targeting transcription factors – proteins that have been tough to tackle in cancer research until now.”

Revolver Therapeutics was spun out of the University of Bath with the support of the Technology Transfer team in Research and Innovation Services (RIS), which helped translate professor Mason’s pioneering research into a commercial venture and continues to back the company as it grows.

Jennifer Rogers, technology transfer team, RIS at the University of Bath, said: “It’s a wonderful example of how university research can grow into a company with the potential to change patients’ lives, and we’re proud to have supported the team on this journey from the very beginning.”

Firm was working to build facility in Lancashire but ran out of funds

An energy firm that secured a high-profile legal victory against the UK government has gone into liquidation after exhausting funds needed to construct a major underground gas storage facility in Lancashire.

Halite Energy Group, which devoted more than a decade to developing the infrastructure scheme in Preesall, has appointed turnaround specialist Donald McKinnon from accounting firm Wbg as liquidator. The collapse arrives despite the company’s directors stating in their most recent financial accounts, lodged in January 2025, that the business remained a viable going concern.

The scheme has been at the heart of fierce local and political conflict in Lancashire for over a decade. Halite Energy initially proposed to wash out up to 19 specially constructed underground salt caverns deep beneath the Preesall Saltfield, situated on the eastern side of the Wyre Estuary.

The infrastructure proposal involved transporting gas through pipelines crossing rural Wyre to link directly with the national gas grid near Garstang. The plans met with fierce, protracted opposition from Wyre Council, Lancashire County Council, and the resident-led campaign group Protect Wyre.

Campaigners and local politicians repeatedly highlighted threats to the rural landscape and raised concerns regarding geological safety. When the Department of Energy and Climate Change originally turned down the scheme in 2013 owing to Lancashire’s complex geology, Halite challenged the government in the High Court, reports Lancs Live.

The firm secured a significant legal triumph in 2014 that overturned the government’s rejection, ultimately compelling the approval of a Development Consent Order (DCO) in 2015. Had the scheme come to fruition, the multi-million-pound initiative would have substantially increased the UK’s overall gas storage capability.

Advocates said the newly constructed caverns would have enabled the national network to prevent supply disruptions, reduce volatile price fluctuations, and reliably support intermittent electricity produced by wind turbines.

Wbg liquidator Donald McKinnon said: “Halite Energy Group had the rights to develop a fully permitted gas storage facility in former salt caverns. When developed, the site would account for 25% of the UK’s gas storage capacity.

“However, earlier this year, the company’s agents estimated that the costs to complete the project were in the range of £5.7 – £7m. With insufficient revenue streams to meet these costs and an inability to secure additional funding, the directors made the difficult decision to cease trading and appoint myself as liquidator.”

Rail replacement transport is not planned – and people are being advised to plan ahead

Work to upgrade a section of railway in South Gloucestershire is under way and will impact services in the region until August, Network Rail has confirmed.

Britain’s railway operator started the work in and around the Chipping Sodbury tunnel this week. To allow the work to take place, no trains will travel directly between Swindon and Bristol Parkway, with services diverted via Chippenham, adding 25 minutes to the journey.

Network Rail will be working in the area until Sunday, August 2, with further works on Saturday 8 and Sunday, August 9.

Only one train per hour will operate between London Paddington and South Wales but more trains will operate between London Paddington and Swindon.

Michael Pinkerton, Network Rail portfolio manager, said: “Our work will help keep trains running smoothly and safely and benefit passengers long into the future.

“We’ll be working day and night to complete the work, which will also help improve the railway’s resilience to extreme weather.”

The stretch of railway being upgraded is a “key section” of the Great Western mainline, Network Rail said, carrying trains at 125mph.

East of Chipping Sodbury tunnel, more than 3,000 yards of new rail, sleepers and ballast (track stone) will be laid and drainage channels will be cleared. Soil nails and netting will be installed on the cuttings to help prevent landslips onto the railway. The lining of the tunnel will also be repaired.

The work follows last year’s project to raise 200 metres of track by up to 20cm at the western end of the tunnel. Two of the four pumps near the tunnel were also replaced.

Marcus Deegan, GWR’s station manager for Swindon and Bristol Parkway, said: “The work planned will help maintain train services between London and South Wales using the Chipping Sodbury tunnel for years to come.

“Rail replacement transport is not planned as trains will still operate between Swindon and Bristol Parkway, however these will be reduced.

“It’s important customers are aware and plan ahead as these alternative travel arrangements will make their usual journey times longer.”