India's Kalyan Jewellers hits record high after HSBC sets Street high TP

Kalyan Jewellers India

12/09/2024 07:30

** 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)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))