Kalyan Jewellery to do exceptionally well with normalcy returning and pent up demand, store expansion and market share gains from unorganised sector driving growth

Strong balance sheet and good order book position to drive growth at ITD Cementation
November 30, 2021
MAS Financial, one of India’s most conservative NBFC has a very bright future with normalcy returning and credit growth being scaled up in a responsible manner
November 30, 2021

Kalyan Jewellers is India’s leading jewellery chain with operations going back to 1908. Trust of its customers, strong and ever growing store distribution network and solid balance sheet are key strengths. Recent government mandate to hallmark jewellery is very positive for organised players such as Kalyan Jewellers. Recent performance has been disrupted by incessant lockdowns but upcoming wedding season and pent up demand has resulted in exceptional near term performance. We have an over weight rating on account of attractive valuations vis-a-vis other retail oriented businesses and steady earnings growth driven by increasing store count and rising wealth effect in the country. Investment in brand using the legendary Amitabh Bachan to endorse its brand is noteworthy

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