Kalyan Jewellers, Sky Gold, 2 more jewellery stocks turn multibagger since last Akshaya Tritiya

As India marks Akshaya Tritiya today, it's worth noting that the Sensex has surged by 12,750 points, moving from 59,655 on April 21, 2023, to 72,404 on May 9, 2024.

While has delivered 16% returns since last , have produced four stocks in the jewellery segment during this period, outperforming not just the yellow metal but also S&P BSE Sensex which has yielded 21%.

These stocks are namely , India, and which have given returns of 302%, 281%, 135% and 100%, respectively.

As India celebrates Akshaya Tritiya today, Sensex’s has traversed 12,750 points from 59,655 on April 21, 2023 to 72,404 on May 9, 2024.

Meanwhile, , and have given results between 91.33% and 69.69%.

Uday Jewellery Industries, Golkunda Diamonds & Jewellery, Golkunda Diamonds & Jewellery, Titan Company and Asian Star Company have managed double digit returns between 49.67% and 21.54%. Goldiam International and Renaissance Global have given returns of 18.61% and 13.98%.

The laggards have been Starlineps Enterprises and Rajesh Exports which have given returns of 2% and negative 47% since the last Akshaya Tritiya.

The stocks analysed by ETMarkets are those which have a of Rs 100 crore or more.

Varyaa Creations which has a market capitalisation of Rs 105 crore on the BSE has seen its price erode by 18% since its listing on April 30, 2024.

RBZ Jewellers is another smallcap jewellery stock which was listed on December 27, 2023. This stock has given returns of 28% since then. Motisons Jewellers which was listed on December 26, 2023 has gained 59% since its listing.

Multibagger has given 117% and it was listed on July 14, 2023. Small cap D.P. Abhushan which has an Mcap of Rs 2,526.82 has given over 250% returns during this time.




"The current macroeconomic landscape presents a compelling case for continued bullishness in . Geopolitical tensions, steady central bank purchases, and robust demand from emerging markets, particularly China, are driving factors behind the metal's ascent. The shifting global power dynamics, exacerbated by trade tensions and economic uncertainties, further strengthen gold's safe haven appeal," Parth Shah, Research Analyst at Stoxbox said.

His preferred pick is Senco Gold as he feels that the company is poised for robust growth, buoyed by a series of strategic initiatives and a favorable market landscape. The company's strong business update for FY24 underscores its resilience and potential for further expansion.

Looking ahead, Senco Gold aims to drive sales per store through strategic initiatives such as launching new collections, offering more high-end designs, and expanding into complementary products like perfumes and bags, this analyst said.

He sees a 20% upside over the next 12-month horizon.

Nilesh Jain, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking sees in an overbought territory considering the recent uptrend. His advice to investors is add the stock on declines for a positional upside of Rs 500 with major support at Rs 340 levels.

As for , Jain said that the counter has witnessed a breakout from a triangle pattern on the weekly chart. The upside seems to be open for Rs 1,500 with support placed at Rs 1,130.

Also Read:

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Source: Commodities-Markets-Economic Times

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