India's Kalyan Jewellers hits record high after HSBC sets Street high TP
** Shares of jewelry maker and retailer Kalyan Jewellers KALN.NS rise about 3.5% to a record high of 683.15 rupees apiece
** HSBC raises target price of KALN to a Street high of 810 rupees from 600 rupees earlier, implying a 26.5% upside for the stock in the next 12 months
** HSBC, which has "buy" rating on KALN, says that the company is still "only midway into its value creation journey"
** KALN's valuations are still at 10% discount to market leader Titan Company TITN.NS - HSBC
** Says KALN's capital light expansion, emergence as an entrenched national brand like Titan to help further rally
** The mean recommendation of eight analysts tracking KALN is "strong buy"; median price target at 651 rupees, about 20% lower of HSBC's price target - LSEG data
** KALN shares up 91% in 2024 so far, outperforming 1.6% rise in TITN - exchange data
Reporting by Bharath Rajeswaran in Bengaluru
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.