Driven by festive season and good wedding season, we expect revenue growth to continue in Q4FY20. We maintain our HOLD rating on the stock, with a revised target price of Rs. 1,356 based on 50x FY22E EPS. Festive season drives topline growth Revenue grew 11.2% YoY to Rs. 6,527cr in Q3FY20, beating the street estimates by 2.7%, fueled by strong performance from Jewellery segment (+12.2% YoY, Rs. 5,606cr) amidst festive season and strong demand for wedding Jewellery. This is partially offset by declines in Watches segment (-2.2% YoY to Rs. 627cr) affected by weak consumer...