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    Kalyan Jewellers: Weak listing; are there better alternatives?

    We recommend switching to alternative stocks with better operating metrices and significant valuation discount such as Thangamayil Jewellers. For investors eyeing bigger play in jewellery space, Titan remains the best choice

    Bharat Gianani
    March 30, 2021 / 04:49 PM IST
    Kalyan Jewellers: Weak listing; are there better alternatives?

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Kalyan Jewellers (CMP: Rs 75, Market Cap: Rs 7,756 crore) IPO failed to evince much interest and had a lacklustre subscription of about 2.6x on an overall basis. The IPO had a weak listing and opened at Rs 73.9 (about 15 per cent discount to its issue price). The stock price remained under pressure, finally closing at 13 per cent lower, compared to the IPO price of Rs 87. We had recommended an “Avoid” on the issue as the implied P/E...

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