SBI Securities upbeat on growth prospects of India's Senco Gold; stock up

Senco Gold

12/12/2023 06:26

** Growth prospects for pan-India jewellery retailer Senco
Gold  SENC.NS  look promising and valuations attractive, says
SBI Securities
    ** Initiates coverage on SENC with a "buy" rating and target
of 920 rupees apiece, an implied upside of 27.50%
    ** Senco Gold  SENC.NS  shares up as much as 4.58% at 759
rupees apiece on the day    
    ** Adds, strong legacy of over five decades, focus on
lightweight and modern jewellery segment, strong business model,
distribution network to drive SENC's earnings growth
    ** Sees gains for SENC from favourable outlook for India's
jewellery retail sector, which is estimated to grow at 15.4%
compound annual growth rate (CAGR) between fiscal 2023 and 2027
    

 (Reporting by Bharath Rajeswaran)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))