Story thread · 4 reports / 2 sources

Kalyan Jewellers shares jump 5% after Jefferies starts coverage with 'Buy'. More upside after 63% rally in 1 month?

economictimes.indiatimes.com · 4dShare

Shares of Kalyan Jewellers India rallied as much as 5% to their day’s high of Rs 629 on the BSE on Friday after Jefferies initiated coverage on the stock with a Buy call and a target price of Rs 830, forecasting an upside of 39% from current levels. With today’s surge, the stock is up over 60% in a month.The foreign brokerage said the company has built a differentiated growth engine by combining neighbourhood relevance with the scale of an organised retailer, a strategy that should continue to drive market share gains in the coming years.It also highlighted Kalyan's franchisee-led expansion model, which supports capital-efficient growth, particularly beyond South India. While the company has an international presence, Jefferies said India remains its core market. The brokerage also noted that Kalyan has a net cash balance sheet, backed by rising free cash flow and strong return ratios.“Weddings contribute 60% of jewellery demand in India, and Kalyan is well-aligned to tap this opportun

First report: Kalyan Jewellers shares: 35% upside? Citi, ICICI Sec, MOFSL reveal fresh target prices — businesstoday.in, 6d