India's Kalyan Jewellers shows consistent growth in Q3 - HSBC

Kalyan Jewellers India

08/01/2024 07:51

** Shares of Kalyan Jewellers  KALN.NS  rise 3.5% to 370.3
rupees
    ** Jewellery retailer reported on Friday its Q3 consolidated
revenue grew over 33% Y/Y
    ** Stock hit a record high on Friday after the news, but
closed down 1.7%
    ** Strong domestic sales and network expansion to be
consistent - HSBC Global Research
    ** Analysts at HSBC raise TP to 400 rupees from 390 rupees;
maintain "buy"
    ** KALN trading above its 100-day and 200-day simple moving
averages since June, 2023
    ** Analysts covering the stock on average have a "buy"
rating; stock currently trading 2.2% above its median PT of 362
rupees - LSEG data
    ** Stock gained nearly 180% in 2023


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))