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Jewellery Stocks Retain Their Gleam; Stocks Trading Higher
The number of changes both at the extrinsic and intrinsic fore have augured well for the jewellery companies which are currently being offered at reasonable valuations.
A number of measures are taken to boost up the sector from relaxing PMLA norms to revising and lessening GST burden for end consumers to bringing more organized framework in the sector. Meanwhile in respect of the earnings number, the sector did well for the second quarter ended September.
With preponement of the Diwali season and increased sales and the ongoing wedding season, the stocks are further likely to gain traction.
All the large and mid size companies are doing well from Titan brand Tanishq to PC Jewellers. Other small players Rajesh Exports and others such as Gitanjali is doing all their bit to increase market share either by changing their product mix to include jewellery pieces that provide high margins.
Other factors boosting the growth of the companies such as store expansion, new product launches other than the government driven measures are likely to boost up the revenue for these firms going ahead.
PC Jewellers is reported to surge as much as 75% this fiscal year and is seen trading higher by 4% at Rs. 72.65. On valuation front also, the company is doing better in comparison to its peer Titan, which is trading higher by 21 times the FY 19 earnings.
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