Saturday, October 24
Mumbai: Kalyan Jewellers plunged 7% in Thursday's trading, extending its fall to the fifth straight session, as investors deemed last year's run-up in the share price as excessive. The sell-off comes despite a strong quarterly business update by the company earlier this week that pointed to continued growth prospects. The stock, which closed at ₹658.1 on Thursday, has declined 15% in the past five sessions. "Kalyan Jewellers reported a revenue increase in the quarterly update on the back of a strong festive season, but the shares have fallen due to profit booking," said Akriti Mehrotra, Research Analyst, StoxBox. In 2024, Kalyan Jewellers shares surged 111.5%, while the benchmark BSE 500 index gained 14.6%."When investors who hold a good chunk of any company's shares book profits, the im
The Indian rupee may fall past 90 per dollar this year as the monetary authority prepares to ditch the currency’s implicit quasi-peg to the dollar, according to Gavekal Research.A bigger depreciation of around 10%, taking the rupee to 95 is “not out of the question,” analysts Udith Sikand and Tom Miller wrote in a note. The monetary authority faces the task of lowering interest rates without precipitating a steeper currency decline, they wrote.The Indian rupee has plumbed record lows in recent weeks, spurring speculation about the Reserve Bank of India loosening its tight grip on the currency under its new Governor Sanjay Malhotra. That compares to his predecessor’s approach which effectively fixed the currency to a crawling peg against the dollar. “In the longer term, a correcti
Citing a potential cyclical rebound for GMM Pfaudler, domestic brokerage firm Ambit has initiated coverage on the stock with a "Buy" rating and a 24-month target price of Rs 2,400, suggesting a substantial 89% upside for the stock.“GMM trades at 30x FY26E P/E (12x EV/EBITDA), a 25-35% discount to its peers given earlier growth/margin issues due to deceleration in end-user capex. Valuations should re-rate with end-user capex uptick driving earnings rebound. We bake in 9%/12%/14% rev/EBITDA/FCF CAGR and expect GMM to scale 5x over FY24-41E (7x, FY19-24),” said Ambit in its report.GMM has a global dominance in the niche glass-lined equipment industry, mainly used in corrosive chemical processes across the pharma and chemical industry. The GLE industry (>$2 billion USD) is oligopolistic
