Shares Pare Opening Gains Even As Analysts Say ‘Buy’ After Q3


Shares of Titan Co. pared all opening gains even as most analysts reiterated ‘buy’ ratings on the ‘Tanishq’ owner citing market share gains, long-term growth opportunities in its key jewellery business, focus on eyewear, among others.

India’s largest branded jewellery maker saw its profit jump 91% over the year earlier in the quarter-ended December, beating estimates. That was driven by a strong festive and wedding season demand across its consumer businesses.

Sales in its mainstay jewellery segment, accounting for 90% of total revenue, rose 32.5% year-on-year. Excluding the sale of bullion, jewellery sales rose 37%.

Analysts, however, cautioned over the company’s high valuation. Of the 31 analysts tracking, 20 maintain a ‘buy’, six suggest a ‘hold’ and five recommend a ‘sell’, according to Bloomberg data. The 12-month consensus price target implies an upside of 7.2%.

Shares of Titan rose over 1.8% in early trade but soon reversed to trade 1.17% down as of 9:36 a.m. The stock’s trading volume was four times the 30-day average volume at this time of the day.



Source link

Leave a Comment

Your email address will not be published. Required fields are marked *