India's Kalyan Jewellers, Senco Gold gain as Motilal Oswal starts with 'buy'

Senco Gold

19/06/2024 09:31

** Kalyan Jewellers' shares  KALN.NS  jump as much as 5.4%,
while Senco Gold  SENC.NS  gains 3% as Motilal Oswal starts with
'buy'
    ** Brokerage sets price targets of 525 rupees and 1,300
rupees for Kalyan and Senco, respectively 
    ** Motilal flags that KALN looks to reduce its overall debt
levels by about 7 bln rupees ($84 million) over the next two
years and expects its PAT to increase by 41% annually from FY24
to FY26, surpassing its average profit CAGR of 38.3% over last
two fiscal years
    ** Adds, SENC is focusing on lightweight jewellery and
increasing its studded jewellery ratio and expects its adjusted
PAT to increase by 26% annually from FY24 to FY26 as compared 
to a 15% rise over the last two fiscal years
    ** SENC on track for a 10th straight session of gains, if
trend holds 
    ** Avg. rating of six analysts covering KALN is 'buy', while
the average rating of three analysts covering SENC is 'strong
buy'; median PT is 477.50 rupees and 1,100 rupees, respectively
- LSEG data
    ** Including today's session gains, KALN is up 21.5% YTD;
SENC is up 48.2%

($1 = 83.3986 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))