Kalyan Jewellers Share Price: Shares of Kalyan Jewelers rose more than 4 per cent today on September 12. With this, the stock reached its new 52-week high of Rs 683.15. This rise in the company’s shares came after the news that brokerage firm HSBC has increased its target price. Shares of Kalyan Jewelers have risen more than 8 times in the last 2 years. Despite this, HSBC has maintained its bullish view on this stock.
The brokerage firm believes that the stock is still in the middle of its path to value creation and has the potential to rise by another 19 per cent. The brokerage has reiterated its ‘buy’ rating on Kalyan Jewellers stock and raised its target price from Rs 600 to Rs 810.
At around 11.12 am, Kalyan Jewellers shares were trading at Rs 675.35 on the NSE. Volumes in this stock also remained strong and at the time of writing the news, 63 lakh shares have been traded, which is more than its one-week daily volume average of 50 lakh shares.
HSBC said it is also impressed by Kalyan Jewellers’ light expansion of capital. The brokerage believes the jewellery company’s continued strong growth will prevent a potential multiple de-rating.
The brokerage believes that there are many reasons that will sustain its growth in the long term. Apart from this, its competition with Titan will also act as a guide for it.
Kalyan Jewellers stock is currently trading at an FY26 estimated PE ratio of 56x, which is around 10 per cent lower than Titan, making it an attractive buy compared to the rest of the consumer sector companies. The company’s promoter Trikur Sitarama Iyer Kalyanaraman also acquired an additional 2.36 per cent stake from global private equity firm Warburg Pincus last month. The promoter’s stake hike has further strengthened expectations of strong growth for the company.
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