MOAMC reassured its stakeholders, emphasizing its adherence to the highest compliance standards. It also vowed to protect its reputation and the trust placed in it by investors and the broader community.

Kalyan Jewellers’ Response

During an earnings call on January 14, Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, refuted reports of IT raids and dismissed bribery allegations as "absurd." He reiterated the company's commitment to conducting business with integrity and transparency.

Business Updates

Kalyan Jewellers will hold a board meeting on January 30 to approve financial results for the December 2024 quarter.

In its Q3 business update, released on January 7, the company reported a consolidated revenue growth of 39% year-on-year, driven by strong festive and wedding demand in India. Same-store sales growth stood at 24%.

The company launched 24 new Kalyan showrooms in India during Q3 FY2025, including its first company-owned showroom in the United States.

In the Middle East, revenue grew by 22% year-on-year, contributing 11% to consolidated revenues.

For the January-March quarter, Kalyan Jewellers plans to launch 30 new Kalyan showrooms and 15 Candere showrooms in India. This is part of a larger plan to open 80 Kalyan and 50 Candere showrooms in FY2025. Looking ahead to FY2026, the company aims to launch 170 new showrooms across India and international markets.

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Kalyan Jewellers shares gain 9% after losing 34% in Jan so far; time to buy?