HSBC initiates coverage on Kalyan; Macquarie sees 30% downside in Bajaj Finance

October 6, 2022

HSBC initiated buy coverage on Kalyan Jewellers with a target price of Rs 125. The global investment bank is of the view that expansion outside South India is key to unlocking value. Kalyan plans to aggressively build out its jewellery stores. Higher-margin markets outside its home base of South India.

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