# TBZ shares surge 38% in two days on GRT Jewellers acquisition plan GRT Jewellers' takeover bid for TBZ triggers investor frenzy in Indian markets - **Source:** [Economic Times](https://brifing.si/source/37791137-c35a-4ffe-b6a9-fe103afc9e48) - **Published:** 2026-09-02 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/fb05e13c-c051-4712-b450-db70d423bd9d ## TBZ shares hit record high Tribhovandas Bhimji Zaveri (TBZ) shares surged 38.9% in two trading sessions, reaching ₹423. The rally followed GRT Jewellers' announcement to acquire TBZ. GRT plans to buy 74.12% of promoter shares at ₹209 per share. An open offer for remaining public shares is priced at ₹249.61, both below current market value. ## GRT's acquisition strategy GRT Jewellers is executing a two-phase takeover plan for TBZ. Phase one involves purchasing 74.12% of promoter shares. Phase two will launch an open offer for public shares. Interestingly, the market price (₹423) exceeds both transaction prices (₹209 and ₹249.61), indicating strong investor confidence in the deal's synergies. ## Why investors are excited Market experts cite two main reasons for the enthusiastic response. First, GRT's open offer price represents a discount to current market value. Second, the merger of two major jewelry retailers could create significant industry synergies. This consolidation would form a powerful entity in India's jewelry market valued at $72 billion in 2025. ## Trends in India's jewelry market India's organized jewelry sector has been undergoing rapid consolidation. Large players are acquiring smaller retailers to increase market share. The TBZ-GRT deal represents the latest example of this trend. The market has grown to $72 billion in 2025, with organized players gradually gaining share from traditional family jewelers. ## TBZ's current position TBZ is a heritage jewelry retailer founded in 1864 with over 30 stores across India. However, rising competition and operational costs had pressured profitability in recent years. GRT's acquisition is seen as a move to strengthen TBZ's financial position and accelerate growth. The deal would provide access to GRT's extensive retail network. ## Who is GRT Jewellers? GRT Jewellers, established in 1964, has a strong presence in South India with over 85 stores and annual revenue of $1.2 billion. The TBZ acquisition marks GRT's strategic expansion into North and West Indian markets. This move would position GRT as one of India's largest jewelry retailers with nationwide coverage. ## Analyst perspectives Financial analysts view this deal as potentially transformative for the sector. Motilal Oswal estimates the merged entity could command 12% market share. Edelweiss analysts project operational margins could improve from 18% to 22% within three years through synergies. However, some caution about integration risks between the two distinct corporate cultures. ## Implications for investors This development carries important signals for retail and consumer sector investors. Further consolidation in the jewelry market is expected. Investors should monitor mid-sized jewelry retailers as potential acquisition targets. The recovery in luxury consumption also provides supportive fundamentals for sector stocks in the medium term. ## Sources covering this story - https://economictimes.indiatimes.com/markets/stocks/news/tbz-shares-rally-16-extending-gains-for-a-second-session-whats-triggering-the-surge/articleshow/133700844.cms — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._