India's Vedant Fashions rises after JM Financial initiates coverage

Vedant Fashions

27/05/2025 10:57

** Shares of ethnic wear retailer Vedant Fashions VEDN.NS rise 3.4% to 764.5 rupees

** JM Financial initiates coverage on VEDN with "buy" rating and PT of 930 rupees, a premium of nearly 25% from last close

** Brokerage says co, which owns the Manyavar brand, has strong brand recall through targeted marketing and multi-channel presence

** Competition, weak demand and high rentals have hit co's revenue, but JM Financial analysts see these issues as temporary

** Adds, expansion supported by ongoing network additions

** VEDN down ~43% YTD, set to close higher for a second straight session

 (Reporting by Yagnoseni Das in Bengaluru)

 ((Yagnoseni.Das@thomsonreuters.com;))