Why did TBZ stock soar to record high despite broader gold stock sell-off?

Tribhovandas Bhimji Zaveri (TBZ) shares hit the 20% upper circuit at ₹366.50 on BSE on Tuesday, taking their five-session gains to around 30%. The sharp rally followed GRT Jewellers' agreement to acquire a 74.12% stake in the jewellery retailer for up to ₹1,034 crore. After completing the acquisition, GRT will make an open offer for an additional 26% stake.