Kalyan Jewellers Share Price: Kalyan Jewellers shares jump 4% to hit 52 week high on Citi’s target upgrade

Kalyan Jewellers shares jumped nearly 4% to hit their fresh 52 week high of Rs 715 on the NSE after US brokerage firm Citi reiterated its buy view on the counter for a price target of Rs 770 which was raised from the earlier target of Rs 650.

Other jewellery stocks like Senco Gold and Goldiam International also hit their fresh 52 week highs of Rs 1,292.45 and Rs 374, respectively. The stocks were up by 4% and 6% in the same order.

Citi’s optimism on Kalyan Jewellers rested on better demand trends and cut in the custom duty. The brokerage also took a ‘Neutral’ stance on Tata Group stock Titan.

In the Union Budget 2024, Finance Minister Nirmala Sithraman announced custom duty cuts on gold and silver to enhance domestic value addition in gold and precious metal jewellery in the country. The customs duties on gold and silver was slashed to 6% and that on platinum to 6.4%.

The custom duty cut on gold and silver prices have kept a check on the rise in domestic gold price vis-a-vis international price.

Also Read: Gold’s 13% YTD returns comparable with Sensex. Should you buy as valuation worries weigh on equities?

Gold prices soared to an all-time high on Friday as the dollar weakened amid prospects of a US interest rate cut next week, while palladium has gained 15% so far this week. The dollar fell to a one-week low, making gold less expensive for other currency holders.

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