Buy PC Jeweller; target of Rs 490: Motilal Oswal
Motilal Oswal’s research report on PC Jeweller
We see an enormous opportunity unfolding in Indian Jewelry as a result of value migration towards organized players. Among all Consumer categories, Jewelry has the largest share of the unorganized segment, both in absolute terms (at INR1.4t) and percentage terms (at 70%). PC Jeweller (PCJL), India’s second-largest Jewelry Retailer with a strong presence in the North and Wedding Jewelry, is expanding aggressively to leverage the ongoing value migration.
We initiate coverage on PCJL with a BUY rating. Our target price of INR490 implies 36% upside.
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