Nuvama Institutional Equities initiated coverage on PN Gadgil Jewellers with a ‘Buy’ rating. The brokerage house has set a target price at Rs 860, implying an upside of 31% from the current levels. The recommendation is based on the back of a strong growth trajectory, aggressive expansion, and expected improvement in profitability.
Here are 3 factors why Nuvama initiated coverage on P N Gadgil with a Buy rating:
Nuvama on PN Gadgil: Strong market position in Maharashtra
PN Gadgil is recognised as the second-largest organised retail jewellery player in Maharashtra by the number of stores. The company is focused on cementing its position and targeting leadership in Maharashtra, which is the largest market for BIS-registered outlets in India. The company is planning to expand out of Mah