India's Vedant Fashions rises after JM Financial initiates coverage

About this update from Vedant Fashions Limited

** Shares of ethnic wear retailer Vedant Fashions NSE:MANYAVAR rise 3.4% to 764.5 rupees** JM Financial initiates coverage on VEDN with "buy" rating and PT of 930 rupees, a premium of nearly 25% from last close** Brokerage says co, which owns the Manyavar brand, has strong brand recall through targeted marketing and multi-channel presence** Competition, weak demand and high rentals have hit co's revenue, but JM Financial analysts see these issues as temporary** Adds, expansion supported by ongoing network additions** VEDN down ~43% YTD, set to close higher for a second straight session

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