India's jewellery stocks shine as gold demand surges

Vaibhav Global

10/10/2023 10:40

** Shares of Indian jewellers Kalyan Jewellers  KALN.NS ,
Vaibhav Global  VAIB.NS , Thangamayil Jewellery  THNG.NS ,
Goldiam International  GOLI.NS , Tribhovandas Bhimji Zaveri
 TBZL.NS , PC Jeweller  PCJE.NS  and Senco Gold  SENC.NS  rise
between 1%-6% 
    ** Jewellers like Kalyan, Titan  TITN.NS  have reported
strong sales in Q2, while gold demand has risen amid conflict in
the Middle East
    ** ICICI Securities expects jewellery segment to outperform
other consumer discretionary segments in medium term, as it is
relatively immune to general slowdown in consumer discretionary
spends 
    ** Brokerage sees Kalyan potentially outperforming Titan in
FY24 revenues
    ** ICICI says KALN benefits from faster retail expansion;
expects co to exceed its guidance of store expansion in FY24

 (Reporting by Aleef Jahan and Sethuraman NR in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))