Sunidhi Securities & Finance has maintained buy rating on Renaissance Jewellery with a price target of Rs 100 in its report dated February 19, 2010.
"Renaissance Jewellery (RJL) has eight retail outlets (five in Mumbai, one in Pune, one in Lucknow and one in Gurgaon) and 16 shops. The retail products are sold under the brand name, Lucera. RJL is in the process of increasing outlets. RJL has two subsidiaries, Renaissance Jewelery New York Inc., which caters to independent mid-range retailers and Verigold Jewellery (UK) serves as a marketing and trading hub in UK and rest of Europe. Its supplies to major retailers like Wal-Mart, NBC, JC Penny & Zales. RJL is likely to post an EPS of Rs 20 in FY10 and Rs 24 in FY11. At the CMP of Rs 71, the share is trading at a P/E of 3.5x on FY10E and 3.2x on FY11E. We recommend BUY with a target of Rs 100 in the medium term," says IndiaInfoline research report.
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