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<ul><li>The three-day public issue will begin on March 16 and end on March 18.</li><li><keyword id="413856" type="COMPANY" weightage="20" keywordseo="Kalyan-Jewellers">Kalyan Jewellers</keyword> designs, manufactures and sells a wide range of gold, studded and other jewellery products.</li><li>The IPO comprises fresh issuance of equity aggregating up to ₹800 crore and an offer for sale (OFS) worth ₹375 crore.</li></ul>The ₹1,175 crore initial share-sale of Kalyan Jewellers India is set to open for public subscription on March 16. The three-day public issue would conclude on March 18, and the bidding for anchor investors would open on March 15. The company said, on Thursday, that it has fixed a price band of ₹86-87 a share. The IPO comprises fresh issuance of equity aggregating up to ₹800 crore and an offer for sale (OFS) worth ₹375 crore. The company’s promoter, T S Kalyanaraman, would be offloading shares worth up to ₹125 crore, while Warburg Pincus affiliate Highdell Investment would sell up to ₹250 crore worth of shares through the OFS route. The company also plans to reserve shares worth ₹2 crore for eligible employees. <keyword id="9681214" type="UNKNOWN" weightage="20" keywordseo="kalyan-jewellers-ipo">Kalyan Jewellers IPO</keyword> opens next week <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opens on </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 16 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closes on </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 18 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹86-87 per share </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Minimum bid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">172 equity shares </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for qualified institutional buyers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for non-institutional buyers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for retail investors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr></tbody></table> Kalyan Jewellers designs, manufactures and sells a wide range of gold, studded and other jewellery products. The company started the jewellery business in 1993 with a single showroom in Thrissur district in Kerala and has now completed over 25 years in the jewellery industry with 107 showrooms located across 21 states and union territories. Founded by TS Kalyanaraman, who has over 45 years of retail experience, the company has an international presence with 30 showrooms located in the middle East as of December 2020. Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets are the global co-ordinators and book running lead managers to the offer. In August last year, Kalyan Jewellers had filed preliminary papers for the IPO and obtained Securities and Exchange Board of India’s (SEBI) go-ahead in October. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/zomato-delivery-executive-arrested-by-bengaluru-police-for-allegedly-assaulting-content-creator/articleshow/81445459.cms">Zomato delivery executive arrested by Bengaluru Police for allegedly assaulting content creator</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/qualcomms-next-snapdragon-chipset-aims-to-take-on-apples-silicon-m1-chip/articleshow/81444486.cms">Qualcomm's next Snapdragon chipset aims to take on Apple's Silicon M1 chip</a>

Here’s all you need to know about Kalyan Jewellers’ ₹1,175 crore IPO opening on March 16

<ul><li><keyword id="413856" type="COMPANY" weightage="20" keywordseo="Kalyan-Jewellers">Kalyan Jewellers</keyword> made its debut on the National Stock Exchange (NSE) at ₹73.95.</li><li>This is a 15% discount to the issue price of ₹87 per share.</li><li>Analysts expect that most of the investors, who were allotted shares, are likely to sell on listing.</li></ul>Kalyan Jewellers, one of India’s leading jewellery brands, listed on the stock exchanges today at ₹73.95 — a 15% drop from its initial public offering (IPO) price of ₹87 per share. One of the factors that may have contributed to Kalyan’s discount to issue price is aggressive pricing. The company’s financials have been struggling for the past two financial years and jewellery is a sector that currently finds itself out of favour. The ₹1175 crore IPO saw muted interest only getting <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-kalyan-jewellers-ipo/articleshow/81626536.cms">subscribed to 2.61 times</a>. This doesn’t bode well for the company that regards Titan Company’s Tanishq as its key competitor in the market. Analysts <a href="https://www.financialexpress.com/market/ipo-news/kalyan-jewellers-ipo-listing-day-strategy-grey-market-premium-missing-sell-on-listing-or-hold-shares-for-long-term/2219933/">expect</a> that most of the investors, who were allotted shares, are likely to sell on listing. What has investors worried about Kalyan Jewellers? Kalyan Jewellers has a huge presence in India’s southern states. Overall, it has over 100 showrooms in 21 states and union territories across the country. Outside India, Kalyan has a foothold in the Middle East with 30 showrooms. But its financials, of late, were <a href="https://www.businessinsider.in/business/corporates/news/kalyan-jewellers-will-be-going-up-against-titan-but-remains-sceptical-jewellery-business-can-ever-fully-go-online/articleshow/81478749.cms">not so impressive</a>. It suffered setbacks in 2019 following cyclones and floods in southern states. And, when the pandemic hit, the company was unable to register positive cash inflows for nine months ending December 2020. While industry reports suggest that there may be an uptake in jewellery buying as shoppers redirect their funds from big, lavish venues to jewellery — there is still considerable uncertainty around the demand for gold as India sees a second wave of COVID-19 spreading across the country. Moreover, the executive director of Kalyan Jewellers — Ramesh Kalyanaraman — does not believe going digital will help the company. “I don’t see online replacing offline ever in our sector,” he told Business Insider in an interview. Unlike Kalyan, Titan took up digital solutions to boost demand during the pandemic as customers looked for contactless ways to buy jewellery. Nonetheless, Kalyan’s hyperlocal strategy has, so far, worked in its favour. Before the IPO opened up to the public, the Warburg Pincus-backed jewellery bigwig raised nearly ₹352 crore from 15 anchor investors including the Government of Singapore, Monetary Authority of Singapore, HDFC Life Insurance and BNP Paribas Arbitrage. The funds will be used for Kalyan’s working capital requirements and general corporate purpose.

Kalyan Jewellers makes a lacklustre debut, listing at 15% discount to issue price

<ul><li>The basis of allotment for the ₹1,175 crore IPO of Kalyan Jewellers is likely to be announced today on March 23.</li><li>The IPO saw muted demand being subscribed to 2.61 times after the bidding process closed on March 18.</li><li>Here is how to check <keyword id="10970925" type="UNKNOWN" weightage="20" keywordseo="kalyan-jewellers-ipo-allotment">Kalyan Jewellers IPO allotment</keyword> status on the registrar website and stock exchanges. </li></ul>Kalyan Jewellers is likely to announce the allotment status of its ₹1,175 initial public offering (IPO) on March 23. Despite being one of India’s biggest jewellery brands, the offer saw muted demand. <keyword id="9681214" type="UNKNOWN" weightage="20" keywordseo="kalyan-jewellers-ipo">Kalyan Jewellers IPO</keyword> was subscribed to 2.61 times after the bidding process closed on March 18. The Kerala-based company is offering fresh shares worth ₹800 crore and an offer of sale (OFS) worth ₹375 crore. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kalyan Jewellers IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times issue subscribed </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.76 times </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.91 times </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.82 times </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.61 times </td></tr></tbody></table> According to Angel Broking analyst <a href="https://finance.yahoo.com/news/indias-kalyan-jewellers-ipo-loses-134958109.html">Amarjeet Maurya</a>, the lacklustre interest in Kalyan Jewellers is a result of its recent financial results failing to impress investors, especially in comparison to its main competitor — Titan. Concerns were further compounded by uncertainty around the demand for gold given the COVID-19 pandemic. Nonetheless, Kalyan’s hyperlocal strategy has earned it a strong and widespread brand presence across the country. Before the IPO opened up to the public, the Warburg Pincus-backed jewellery bigwig raised nearly ₹352 crore from 15 anchor investors including the Government of Singapore, Monetary Authority of Singapore, HDFC Life Insurance and BNP Paribas Arbitrage. The funds will be used for Kalyan’s working capital requirements and general corporate purpose. Here is how to check Kalyan Jewellers IPO allotment status: If you subscribed to the Kalyan Jewellers IPO, you could check your allotment status by following these simple steps. To check on the stock-exchange website: <ul><li>To check Kalyan Jewellers IPO allotment status, go to the<a href="https://www.bseindia.com/investors/appli_check.aspx"> BSE website</a> or <a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp">NSE website</a> here.</li><li>On BSE, Select 'Equity' and then from the dropdown, select 'Kalyan Jewellers'.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li></ul>Please note the details will only be available once the shares are allotted. You can also visit the registrar website (Link Intime India) to check your application status. <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on 'Kalyan Jewellers'. It will only appear post allotment on March 22.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha and click 'submit'.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you.

Kalyan Jewellers IPO live — how to check allotment, listing date and more

<ul><li>Shares of most jewellery companies have rallied in the last one month as <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword> have been rising continuously on inflation concerns.</li><li>Moreover, as the festive season is upon us, demand for gold goes up.</li><li>Check out the latest news updates on Business Insider.</li></ul>Rise in gold prices have boosted shares of jewellery companies in the last one month wherein most companies have delivered double digit returns. “The bullion metal gained strength in yesterday’s session as increasing inflation concerns and a weaker dollar boosted appeal for safe haven gold,” said Prathamesh Mallya, assistant vice president -- research, non-agri commodities and currencies at broking house Angel One. Moreover, with the wedding and festive season on the go, demand for gold got a boost. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% return in last one month </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Atlas Jewellery </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">27% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Renaissance Global </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">19% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tribhovandas Bhimji Zaveri </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Thangamayil Jewellery </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">PC Jeweller </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">14% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rajesh Exports </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kalyan Jewellers India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Goldiam International </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr></tbody></table> Gold futures continued to trade higher on Wednesday, October 20. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen trading higher by 0.15% at ₹47,352. One of the leading jewellery companies, <keyword id="6359357" type="General" weightage="20" keywordseo="titan" source="Orion">Titan</keyword>, <a href="https://www.businessinsider.in/stock-market/news/shares-of-titan-surge-10-entering-the-2-trillion-club-as-festivities-pent-up-demand-for-gold-jewellery-watches/articleshow/86832311.cms">confirmed </a>that there has been a strong comeback in gold demand in the last three months. “The demand postponement triggered by the second wave of the pandemic in avenues like gift purchases, occasions I milestone buying, weddings, investments in gold etc., witnessed a strong comeback in Q2,” said Titan in a statement to exchanges. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliances-oil-to-chemicals-business-seems-to-be-in-the-right-spot-to-leverage-chinas-climate-crackdown/articleshow/87152945.cms">Reliance’s oil-to-chemicals business seems to be in the right spot to leverage China’s climate crackdown</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-shares-spike-after-government-announces-deadline-for-agr-dues-moratorium/articleshow/87153508.cms">Airtel, Vodafone Idea shares spike after government announces deadline for AGR dues moratorium</a>

Titan, Kalyan Jewellers and other jewellery stocks rally in last one month on high bullion prices

<ul><li>From jewellery maker, Kalyan Jewellers to an Indian Government’s “Miniratna” RailTel Corporation, a whole range of companies are looking to get listed on Indian stock exchanges this year. </li><li>According to Geojit Financial Services, as many as 80 companies have approached SEBI to tap the primary market. </li><li>These are likely IPO candidates that may list this year. </li></ul>The IPO market seems to be piping hot in 2020 compared to the same time last year. Despite the pandemic and the economic slowdown, <a href="https://www.chittorgarh.com/ipo/ipo_list.asp?a=mainline">IPOs worth ₹179.8 billion</a> have already hit the market in the past ten months compared to ₹126.87 billion worth IPO in 2019. And as many as 80 companies have approached SEBI in the current fiscal year to get the necessary approvals for IPOs, according to Geojit Financial Services. The recent IPO bonanza made a lot of money for investors. Jyoti Roy, equity strategist at Angel Broking believes that is because “the investors have been willing to invest in companies with good businesses and reasonable valuations.” <div type="image" title="IPO data" msid="78634632" hostid="261"></div> The IPO bonanza may not have ended yet. From jewellery maker, Kalyan Jewellers to an Indian Government’s “Miniratna” RailTel Corporation, a whole range of companies are looking to get listed on Indian stock exchanges this year. Let’s take a look at some of the upcoming IPOs scheduled this year: Equitas Small Finance Bank The Chennai-based microfinance lender, Equitas Small Finance Bank (SFB), is looking to raise ₹532 crore from the IPO. The initial public offering will open on October 20 and will remain open till October 22. The company has appointed JM Financial, Edelweiss Financial Services, and IIFL Securities as its book running lead managers to the issue. RailTel’s ₹700 crore initial public offering The state-owned RailTel Corporation has filed a Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an initial public offer of up to 8.66 crore equity shares. The company is likely to raise ₹700 crore through the IPO, a complete offer for sale by the Central government. It has appointed ICICI Securities, IDBI Capital, SBI Capital Markets as the book running lead managers to the issue. ESAF Small Finance Bank The Kerala-based ESAF Small Finance Bank had filed DRHP in January and subsequently got the approval from SEBI at the end of March. However, the bank delayed its initial public offering due to the volatile market conditions and said it would take a call on ₹976-crore initial public offering (IPO) after September. The ₹976-crore IPO of ESAF Small Finance Bank will comprise a fresh issue worth ₹800 crore and an offer for sale (OFS) aggregating up to ₹176.2 crore. Kalyan Jewellers Kerala based Jewellery maker, Kalyan Jewellers, is also expected to launch a ₹1,750 crore initial public offering (IPO) in <a href="http://www.marketsguruji.com/upcoming-ipos-in-india/">November</a>. The ₹1,750 crore IPO will be the largest in its sector. The issue will consist of a fresh fundraise of ₹1,000 crore and offer of sale by promoter TS Kalyanaraman and private equity firm Warburg Pincus of ₹750 crore. Burger King One of India'sIndia's fastest-growing food chains, Burger King, is also in line to raise as much as ₹1,000 crore by initial public offering. The firm aims to utilise the funds to double the number of restaurants by 2025, where it currently operates 216 in India, as per its DRHP. Burger King IPO is also likely to hit the market in November this year. Bajaj Energy The ₹5,450 crore IPO of Uttar Pradesh-based, one of the largest private-sector thermal generation companies, Bajaj Energy, is expected to hit the market by the end of this year. The IPO comprises fresh issuance of shares aggregating up to ₹5,150 crore and an offer for sale of scrips up to ₹300 crore by the promoter Bajaj Power Ventures, according to its DRHP. Some of the companies coming up with IPOs include MilkBasket, Lodha Developers, Anand Rathi Wealth Management, Barbeque Nation, NSE, Indian Railways Finance Corporation, among others. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mazagon-dock-shipbuilders-shares-list-at-49-premium-over-the-issue-price/articleshow/78613450.cms" data-type="tilCustomLink">Mazagon Dock Shipbuilders shares list at 49% premium over the issue price</a> <a href="https://www.businessinsider.in/stock-market/news/tepid-debut-for-uti-amcshares-list-at-12-discount-over-the-issue-price/articleshow/78613719.cms" data-type="tilCustomLink">Tepid debut for UTI AMC—shares list at 12% discount over the issue price</a>

IPOs have raked in nearly $180 billion so far in 2020 — Here’s a look at some other companies that may go public this year

<ul><li>The usual fervor of the Big Fat Indian Summer weddings have given way to downsized miniature ceremonies this season. </li><li>However, consumers are investing the money they save from these small weddings in gold to secure their future. </li><li>On the back of these trends, <keyword id="1483203" type="PERSON" weightage="20" keywordseo="Ramesh-Kalyanaraman">Ramesh Kalyanaraman</keyword>, Executive Director, <keyword id="413856" type="COMPANY" weightage="20" keywordseo="Kalyan-Jewellers">Kalyan Jewellers</keyword> is optimistic that the brand will be able to expand its customer basket size by 30%. </li><li>We caught up with Kalyanaraman to understand how intimate weddings emerging as a trend has affected the <keyword id="556004" type="PERSON" weightage="20" keywordseo="jewellery-industry">jewellery industry</keyword>, various safety precautions it has taken across operational showrooms, and a lot more. </li></ul>The global pandemic hasn’t affected Indians' love for weddings and gold. They are coming up with out-of-the-box solutions, whether it is to organize weddings virtually and/or buy diamond studded or gold plated masks. Over the past three quarters, the value of gold has continued to accelerate. As a result, Kalyan Jewellers is now looking to increase its customer basket size by at least 30%. The brand also managed to close 10% of its annual <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword> business with a unique initiative that was tailor-made for quarantine. It launched a Gold Ownership Certificate which allowed customers to purchase and own gold on Akshaya Tritiya. The certificate could be redeemed against physical gold, in the form of jewellery or coins, on or before October 31, 2020. The brand is still witnessing ‘a steady stream of footfalls’ across its operational showrooms from consumers who bought the certificate. Looking at these trends, Kalyan Jewellers’ Executive Director, Ramesh Kalyanaraman, voiced his optimism for the recovery of the sector. He shared with us how intimate weddings emerging as a trend has affected the jewellery industry, various safety precautions it has taken across operational showrooms and why the brand decided to align its marketing monnies on digital to adjust to the volatile market. Excerpts: Q. Tell us a bit about your campaign #MuharatAtHome. What is the idea behind it? What are the challenges you are facing in conducting ad shoots considering the restrictions? Weddings have always brought people together. This year, with lockdown restrictions in place during peak wedding season, it was presumed that everyone would postpone their wedding plans, but we were pleasantly surprised to see that this wasn’t the case at all. We saw families trade grand ceremonies for intimate functions, ruled by minimalism, simplicity and personalization. It is this trend of intimate weddings that our #MuhuratAtHome campaign captures. For the ad campaign we opted for an ‘at-home’ shoot with limited cast and crew, following state specified shoot protocols. As this is going to be a Pan-India campaign with multiple iterations, it was shot in three cities, with three separate teams. In each of these locations, the advertising agencies involved, followed the guidelines issued by local authorities and recreated a home-like intimate wedding set up. Q. How difficult was the lockdown period for Kalyan Jewellers? Initially it felt strange, because this was the first time in all these years that all our showrooms were shut at the same time. After a week, we realised that we will need to make good of this time, and so we started using it more productively to strategize, realign priorities and plan our next steps. For the staff, we conducted online training sessions. We also did customer outreach more as a gesture than anything else. We were actively involved in many CSR initiatives, be it collaborating with our brand ambassador Amitabh Bachchan and Sony Pictures Network. During Akshaya Tritiya, at the request of regular customers, we launched the Gold Ownership Certificate which allowed customers to purchase and own gold on Akshaya Tritiya. The certificate could be redeemed for against physical gold, in the form of jewellery or coins, on or before October 31, 2020. To our surprise, this was very well received, and we managed to do close to 10% of our annual Akshaya Tritiya business with this initiative. Q. How are your preparations for unlocking going? What are the various safety precautions you have taken across operational showrooms? We have heightened the safety and hygiene measures across our operational showrooms to safeguard the health and safety of our patrons and the community at large. All customers are given temperate checks with handheld scanners at the entrance. Customers are required to use single-use glove in the showrooms, and this is made available to them upon entry. Masks are provided to anyone who is not wearing it already. Deep cleaning of showrooms is undertaken at regular intervals through the day, and all high touch point zones like counter tops, door knobs etc. are frequently sanitized. We feel that going forward, even when the lockdown is completely lifted, these hygiene practices will become the new normal. Q. How have you observed consumer behavior changing lately? And what are some of the consumer buying trends witnessed in regions where showrooms have reopened? Over the past three quarters, we have witnessed a surge in gold prices and the value of gold, as an asset, has continued to accelerate. It is the only asset that has proved to be a promising and safe investment option for consumers across the country. In line with this, we are looking at an increase in the customer basket size by at least 30%. Furthermore, with DIY or intimate weddings emerging as a trend, the wedding-related expenses on venue booking, catering, etc. have reduced and customers have more disposable income at their end, which is now being allocated to investing in gold jewellery. Additionally, shoppers who have postponed their weddings are making purchases as planned by availing our bridal lounge facility, for a personalized shopping experience. Currently, we are witnessing a steady stream of footfalls across our operational showrooms. A segment of those footfalls are customers who are reaping the benefits of pre-booking their gold jewellery or those who purchased the Gold Ownership Certificate this Akshaya Tritiya. Some are there to exchange their older gold for newer pieces. Looking at the current trend, we are fairly optimistic about the recovery of the sector. Q. What has your marketing strategy been during the lockdown? Did you modify your media mix, with marketing investments getting shifted from one medium to another? One of the biggest trends that has emerged out of the nationwide lockdown is the huge surge in screen time spent by Indians across digital platforms. In line with this, brands have begun to align their marketing budgets towards digital, social media &amp; OTT, especially when it comes to placing new content. In line with this, we introduced temporary changes to our media mix with a more digital-centric approach. For campaigns such as #MaaTuneSonaKaDilPaya (Mother’s Day), we leveraged crowdsourced photographs from our social media community wherein some of the best moments were handpicked to feature in a campaign video. Amitabh Bachchan was the voice of the campaign, and it was well received. The #MuhuratAtHome campaign is also a result of a similar online-only strategy. Q. We are sure the future of retail and jewellery industry will never be the same. How are you making sure you opt to digital media, online selling policies and physical distancing need to help your consumer? The unique aspect to the jewellery business is the concept of privacy while shopping which has always existed. Families come together and prefer to sit together, a little away from other families that are shopping. Kalyan Jewellers’ showrooms are therefore standalone showrooms, which are either mid-size, large format or flagship showrooms, designed to allow this unique shopping practice. Our counters are also demarcated as wedding, gemstone, diamond or daily wear jewellery – which is an added advantage during these times of social distancing. (Auspicious days like Akshaya Tritiya or Dhanteras are the only times when this rule doesn’t apply.) Additionally, as mentioned earlier we have launched appointment facilities for our bridal lounge services which can be availed by wedding shoppers for a personalized shopping experience. Q. Do you think this experience will change the way you market your brand in the future? The USP of the brand will remain the same, but the channels of marketing might change. Naturally, when you change the channel, the way you communicate the same brand USP will get amended. In the coming years, we intend to focus on targeted marketing campaigns. Q. The pandemic and the lockdown has brought with it a lot of learning. What are your major learnings from this experience so far? During the lockdown, we re-evaluated many aspects of our business, and realised that with careful planning, we can cut costs under various heads, without affecting the overall performance of the business. We intend to implement this learning even going forward. With showrooms spread across the country, our senior and mid-level management used to travel extensively. Now with the lockdown rules, travel has reduced significantly, and we are managing our operations remotely. This saves both money and time. Going forward, we plan to carefully rationalise travel needs. Our marketing campaigns have also evolved post the lockdown, and we are looking at targeting online campaigns instead of larger campaigns, and this is also working well for us. Another lesson for the future.

Indians are buying more gold from the money they would otherwise have spent on big fat weddings

<ul><li>Shares of <keyword id="95677" type="General" weightage="20" keywordseo="jubilant-foodworks" source="Orion">Jubilant FoodWorks</keyword> fell more than 8% on lower than expected same-store-sales of Domino’s Pizza.</li><li>However, the company reported strong profit that jumped 58% to ₹121 crore in September quarter because of strong delivery and takeaway orders.</li><li>Check the latest updates on <a href="https://www.businessinsider.in/">Business Insider.</a></li></ul>Domino’s Pizza operator Jubilant FoodWorks reported strong profit growth in the last three months because of pick up in delivery and takeaway orders. The company delivered a profit growth of 58% at ₹121 crore in the September quarter. Despite good earnings investors were disappointed as shares of the company fell 8% on Wednesday after the earnings release as same-store-sales were lower than expected. Its same-store-sale growth grew by 26.3% in the July-September quarter, below analysts expectation of 30-35% growth, according to a CNBC-TV18 report. <div type="image" title="jubilant foodworks profit" height="900" width="1200" msid="87158563" hostid="261"></div> Jubilant FoodWorks also undertook a one-time loss of ₹1.25 crore to support its employees affected by the COVID-19 pandemic during the quarter. Moreover, the company added 60 new stores in the last three months with 55 stores of Domino’s, two stores each for Dunkin’ Donuts and Hong’s Kitchen and one store of Ekdum!. As of September 30, 2021 the company has 1,435 restaurants across 307 cities in India. <div type="image" title="jubilant foodworks chart" height="900" width="1200" msid="87158589" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-cements-its-lead-over-airtel-in-both-total-as-well-as-active-subscribers/articleshow/87156675.cms">Reliance Jio cements its lead over Airtel in both total as well as active subscribers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/titan-kalyan-jewellers-and-other-jewellery-stocks-rally-in-last-one-month-on-high-bullion-prices/articleshow/87156003.cms">Titan, Kalyan Jewellers and other jewellery stocks rally in last one month on high bullion prices</a>

Jubilant FoodWorks' net profit up by 58% in Sep quarter on strong orders post COVID's second wave

Shares of <keyword id="46108" type="COMPANY" weightage="20" keywordseo="Sterling">Sterling</keyword> and <keyword id="8370737" type="LOCATION" weightage="20" keywordseo="Wilson-Solar">Wilson Solar</keyword>, a <keyword id="261354" type="COMPANY" weightage="20" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword> (<keyword id="6953502" type="COMPANY" weightage="20" keywordseo="SP-Group">SP Group</keyword>) company, plunged over 10 per cent after the Supreme Court dismissed appeals of the group and set aside the judgement which had ordered the reinstatement of <keyword id="6356895" type="PERSON" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> as Chairman of <keyword id="46894" type="COMPANY" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>. Around 2.30 p.m., shares of Sterling and <keyword id="8987948" type="COMPANY" weightage="20" keywordseo="wilson-solar-ltd">Wilson Solar Ltd</keyword> on the BSE were trading at ₹244.95, lower by ₹27.45 or 10.08 per cent from its previous close. A bench headed by Chief Justice S.A. Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry. The top court upheld the Tata Sons decision to sack Cyrus Mistry on October 24, 2016. <keyword id="6371516" type="COMPANY" weightage="20" keywordseo="shapoorji-pallonji">Shapoorji Pallonji</keyword> Group counsel had argued that Mistry was removed because he was going to place a draft governance structure at the Board meeting on October 24, 2016. "We find all the questions of law are liable to be answered in favour of the appellants (Tata Group) and the appeals filed by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed," said the top court. The top court said the value of SP Group shares will depend on the valuation by Tata Sons equities and the court will not determine the fair value. In December 2019, the NCLAT had ruled that the proceedings of the Board meeting of Tata Sons held on October 24, 2016 removing Cyrus Mistry as chairperson was illegal. The Mistry family, which runs SP Group, owns an 18.4 per cent stake in Tata Sons. SEE ALSO: <a href="https://www.businessinsider.in/india/news/the-entire-crew-of-the-massive-ship-that-has-blocked-suez-canal-is-indian/articleshow/81699456.cms">The entire crew of the massive ship that has blocked Suez Canal is Indian</a> <a href="https://www.businessinsider.in/politics/elections/checkout-the-list-of-mamata-banerjee-favourite-tv-and-sports-celebrities-who-are-fighting-for-tmc/slidelist/81700172.cms">Mamata Banerjee's favourite celebs who are fighting for Trinamool Congress in some of the toughest constituencies</a> <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-shares-listed-at-4-less-than-the-issue-price/articleshow/81700313.cms">Suryoday Small Finance Bank shareholders lost 7% of their investment within minutes of listing</a> <a href="https://www.businessinsider.in/stock-market/news/kalyan-jewellers-makes-a-lacklustre-debut-listing-at-15-discount-to-issue-price/articleshow/81700343.cms">Kalyan Jewellers makes a lacklustre debut, listing at 15% discount to issue price</a>

Sterling & Wilson shares fall 10% after Supreme Court's verdict against SP Group in the Cyrus Mistry vs Tata case

In a bid to create a platform for <keyword id="2539560" type="UNKNOWN" weightage="20" keywordseo="online-jewellery-shopping">online jewellery shopping</keyword>, popular <keyword id="6357111" type="UNKNOWN" weightage="20" keywordseo="e-tailer">e-tailer</keyword> Flipkart has joined hands with jewellery retailer <keyword id="275438" type="POSITION" weightage="20" keywordseo="PC-Jeweller">PC Jeweller</keyword>. 
 “With the aim to revolutionise the trend of <keyword id="2540448" type="UNKNOWN" weightage="20" keywordseo="Jewellery-buying-in-India">jewellery buying in India</keyword>, this partnership will provide an online go-to platform for the shoppers,” as per a joint statement issued by both the companies. 
 
The companies further revealed that the focus will be on the replicating the comfort, convenience and brilliance that is associated with shopping at a PC Jeweller’s large format showroom online on Flipkart. 
 
According to PC Jeweller executive director and chief operating officer RK Sharma, “We are focussed on our online jewellery brand WearYourShine by PC Jeweller and going forward, we would also like to work with Flipkart towards creating a seamless offline-online integration wherein customers get a flexibility to buy online and exchange or return offline across over 46 showrooms of PC Jeweller.” 
 
“We see online jewellery sales becoming a huge market in the next few years, contributing a good share to our business,” he added. 
 
The online shopping experience will be further refined by Flipkart’s deep data analytics and online cataloguing assistance. 
Kalyan Krishnamurthy, Flipkart’s senior vice-president Retail, said, “Our access to the country’s largest customer base allows us to predict market needs and list new products on our site that we feel will cater to current customer demands. We are confident that precious jewellery, as a category, has huge potential if done right.” 
 
“The association of Flipkart and PC Jeweller, both names that are trusted widely by customers, is well positioned to take online jewellery shopping to the next level,” he said. 
(Image: FB page of PC Jeweller)

Flipkart Ties Up With PC Jeweller To Revolutionise e-tailing Space

<ul><li>FM increased customs duty on precious metals, articles of gold, silver and platinum and imitation jewellery in the Budget 2023-24.</li><li>Increase in import duty will raise prices of silver and <keyword id="571733" type="General" weightage="20" keywordseo="silver-jewellery" source="Orion">silver jewellery</keyword>, which will impact demand and will also be detrimental to refineries, said CRISIL.</li><li>Import duty on articles made of precious metals increased to 25% from 22%.</li><li>Higher tax increases the cost for consumers as the country imports most of the bullion it consumes.</li></ul>Jewellery is set to get a lot more expensive, as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery has been increased in the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday. To make matters worse, basic customs duty has been hiked on articles made from gold bars. Apart from these, customs duty on electric kitchen chimneys, bicycles, toys, electric vehicles and cigarettes also increased. “I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” said FM in a budget speech in Parliament. The centre did not raise import duty on gold as India had raised its import duty on gold in July 2022 to 12.5% from 7.5%. India meets most of its gold demand by importing the precious metal. The basic customs duty on silver was raised to 10% from 7.5%; and agriculture infrastructure and development cess (AIDC) on imports to 5% from 2.5%. “Increase in import duty will raise prices of silver and silver jewellery, which will impact demand and will also be detrimental to refineries,” said CRISIL in a report. The import duty on articles made of precious metals was increased to 25% from 22%. Higher tax increases the cost for consumers as the country imports most of the bullion it consumes. “Rise in import duty on imitation jewellery will raise product prices, impacting demand,” said CRISIL in a report post budget. Share prices of most jewellery stocks were trading lower on Thursday <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jewellery stocks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PC Jeweller </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.01% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Jewellery Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kalyan Jeweller </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tribhovandas Bhimji Zaveri </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.23% </td></tr></tbody></table> Industry body Gem &amp; jewellery export promotion council (GJEPC) said that the industry had recommended reduction in import duty on gold/silver and platinum, which has not been considered in the Budget. “Council will continue to pursue the same with the government for the overall welfare of the industry,” said GJEPC. The council said that the rise in import duty will increase prices of silver products in domestic markets. “The Union Finance Minister has also rationalised the import duty on silver by proposing to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum. However, that will have a net effect of an increase of around 5% duty at import level for silver resulting in increase of price for silver products domestically,” added GJEPC. Lab grown diamonds to boost gold demand, say experts Meanwhile, the FM has reduced basic customs duty on seeds used in manufacturing of lab grown diamonds from 5% to Nil. The government sees lab grown diamonds as a technology and innovation driven emerging sector with high employment potential. These environmentally friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of seeds and machines and to reduce import dependency in the long run, a research and development grant will be provided to one of the IITs for five years as announced in the budget. “The government’s innovation-led and technology-driven approach reflects in its investment towards research on lab-grown diamonds, which will generate new employment opportunities, while resonating with the export as well as urban Indian market,” said Ramesh Kalyanaraman, executive director at Kalyan Jewellers. The increase in import duty of silver is unlikely to impact significantly to Kalyan Jewellers. “The increase in the import duty of silver will not have a significant impact for us (Kalyan Jewellers), as our primary focus is on gold, diamond and other precious stone studded jewellery,” said Kalyanaraman. Further, lab grown diamond research funding is likely to benefit Vaibhav Global, manufacturer of fashion jewelry, says analysts at Goldman Sachs. Experts say that as lab grown diamonds become more popular and cheap it will eventually reduce demand for natural diamonds and improve demand for gold. “The government also gave a thrust to the lab-grown diamonds industry by reducing the basic customs duty on seeds used in their manufacturing. If lab-grown diamonds become more mainstream in the time to come, it could be positive for gold demand as demand for natural diamonds and thus their prices and appeal as an investment asset declines,” said Ghazal Jain, fund manager- alternative investments at Quantum AMC. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-says-it-would-not-have-been-morally-correct-to-continue-with-adani-enterprises-fpo/articleshow/97542675.cms">Gautam Adani says it would not have been ‘morally correct’ to continue with Adani Enterprises FPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/gautam-adani-calls-off-adani-enterprises-fpo-after-28-crash-in-stock-price/articleshow/97534098.cms">Gautam Adani takes the high road and calls off Adani Enterprises FPO after a 28% crash in stock price</a>

Gold and silver jewellery to get a lot more expensive

Homegrown vernacular social gaming platform <keyword id="7830073" type="General" weightage="80" keywordseo="winzo" source="Orion">WinZO</keyword> Games on Tuesday said it has challenged <keyword id="6355629" type="General" weightage="100" keywordseo="google" source="Orion">Google</keyword>'s recent policy in the Delhi High Court for the selective inclusion of only daily fantasy sports (DFS) and Rummy games on its <keyword id="1470391" type="General" weightage="80" keywordseo="play-store" source="Orion">Play Store</keyword> that leaves out several skill gaming platforms and local developers. WinZO has sought restraint from the court against Google from implementing the "arbitrary classification which will impact the reputation of its business." WinZO is among industry players, such as Mobile Premier League (MPL) and Zupee, who have called the policy arbitrary, unfair and restrictive. Saumya Singh Rathore, Co-founder, WinZO Games told IANS that there is no evaluation of the impact that is likely to result from such a clearly discriminatory and arbitrary classification by <keyword id="963171" type="General" weightage="50" keywordseo="google-play" source="Orion">Google Play</keyword>. "We fail to understand how Google is being permitted to select that within a set of legal/legitimate businesses, only DFS and Rummy will be onboarded and the other Skill Games, excluded," he stressed. Google was yet to reach on the WinZO lawsuit. Google is set to run a pilot test for the local developers to distribute their daily fantasy sports (DFS) and rummy games apps on Play Store in India, as e-sports become big in the country. Starting September 28, Play Store will begin a limited-time pilot allowing for the distribution of DFS and Rummy apps to users in India by developers incorporated in India. The pilot programme will run from September 28, 2022 until September 28, 2023. According to WinZO lawsuit, the Google policy will not only reduce the marketing cost for players in monopoly to one-fourth of their cost but also create a false perception of legitimation of DFS and Rummy over all other games such as Carrom, Chess, Quiz, etc. "Google's policy can lead to distortions in the competitive Indian gaming ecosystem by resulting in unparalleled access to the 2.5 billion monthly active users across 190 countries where the Google Play Store is available," said the lawsuit. Google Play Store is the largest app distribution platform owning 97 per cent market share in India. Sameer Barde, CEO of E-Gaming Federation had said that the Google move "helps legitimate skill gaming operators grow while eliminating unscrupulous fly-by-night operators," almost implying that companies excluded in the pilot are not legitimised. The Federation of Indian Fantasy Sports (FIFS) Director General, Joy Bhattacharya, had said that Google Play Store is allowing games "recognised by the <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> of India as regular business activities". In the K.R. Lakshmanan vs State of <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> (which most of the Rummy Companies cite for legality) case, the Supreme Court inferred Rummy as being a game of skill, and explicitly drew an analogy to other games of skill, like chess and golf. "The year-long pilot is detrimental to thousands of companies and can lead to irreversible market distortion of a fast-moving gaming tech industry, leading to the death of many players as the strong get stronger," Rathore told IANS. WinZO is seeking an injunction restraining Google from implementing its revised Playstore policy, along with a ruling that Google must change its policy to allow all apps offering games of skill on its Play Store and not just a select few. WinZO is available in 12 languages, with over 85 million registered users. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/moodys-withdraws-rating-of-kalyan-jewellers/articleshow/94322833.cms">Moody's withdraws rating of Kalyan Jewellers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/essar-group-targets-key-role-in-building-market-for-hydrogen/articleshow/94325146.cms">Essar Group targets key role in building market for hydrogen</a>

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Gold and silver jewellery to get a lot more expensive

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WinZO sues Google for Play Store policy allowing only fantasy sports, rummy games

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