KDDL in demand after announcing strategic partnerships

KDDL rose 3.59% to Rs 213.80 at 10.55 IST on BSE after the company's subsidiary Ethos entered into a strategic partnership with Nomos Glashutte SA and Oris SA for exclusively retailing their watches in India.

The announcement was made after market hours yesterday, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 68.03 points or 0.23% at 29,860.12. Meanwhile, the S&P BSE Small-Cap index was up 71.95 points or 0.49% at 14,822.92.

On the BSE, 5,008 shares were traded on the counter so far as against the average daily volumes of 4,493 shares in the past one quarter. The stock had hit a high of Rs 218.85 and a low of Rs 211.10 so far during the day. The stock had 52-week high of Rs 294.50 on 10 August 2016 and a 52-week low of Rs 162 on 20 May 2016.

The stock had outperformed the market over the past one month till 6 April 2017, advancing 9.5% compared with the Sensex's 3.55% rise. The scrip had, however, underperformed the market over the past one quarter, rising 3.64% as against the Sensex's 11.84% advance.

The small-cap company has equity capital of Rs 10.84 crore. Face value per share is Rs 10.

KDDL said that the company's subsidiary Ethos has entered into a strategic partnership with Nomos Glashutte SA for exclusively retailing Nomos Glashutte watches in India. In addition to this, Ethos has also entered into a strategic partnership with Oris SA for exclusively retailing Oris watches in India. Oris SA will end its association with existing retailers and will be exclusively available only at Ethos stores.

On a consolidated basis, KDDL's net profit rose 47.16% to Rs 2.59 crore on 3.62% fall in total income to Rs 126.74 crore in Q3 December 2016 over Q3 December 2015.

KDDL is a diverse company focusing on luxury retail watches and precision engineering. It has established India's largest retail chain for premium and luxury watches- Ethos and SUMMIT. It is a global supplier of high quality watch components. Its precision stamping division offers high precision pressed components and tooling solution for a wide range of engineering applications.

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