JM Financial: 15% gold duty hike to have 'limited impact' on Titan, Kalyan
Gold import duty raised from 6% to 15%. JM Financial expects limited revenue hit for organised jewellers, with possible one-off inventory gains. Key risk flagged: potential RBI curbs on Gold Metal Loan scheme. Titan down 8.81% and Kalyan down 15.28% over the past month.
JM Financial says gold import duty hike from 6% to 15% will have limited revenue impact on Titan, Kalyan and other jewellers, with one-off inventory gains likely; key risk is potential RBI restriction on Gold Metal Loan scheme.
Why this matters
JM Financial's limited-impact view aligns with Morgan Stanley's Overweight stance on Titan (TP Rs 5,212) and broader thesis that organised jewellers gain share as duty hike squeezes unorganised players.
Retail-company signals steady at 958 over the past 90 days.