Shares of Titan Company Ltd turned red in late morning deals after opening on a flat note on Thursday. The Titan Company stock hit an intraday low of Rs 3422.95, slipping 2% against the close of Rs 3,494.05 on BSE. A total of 0.46 lakh shares changed hands amounting to a turnover of Rs 15.89 crore. Market cap of the firm fell to Rs 3.04 lakh crore. The share has climbed 5 per cent in a year but lost 7% since the beginning of this year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 34.1, signaling it's neither trading in the overbought nor in the oversold territory. The stock has a beta of 0.7, indicating low volatility in a year. Titan Company stock is trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
In early deals, the Tata Group stock rose 1.10% to Rs 3532.80 on BSE.
Global brokerage Citi has assigned a neutral call to the Titan Stock with a a target of Rs 4,110. Commenting on the September quarter business updtes, Citi highlighted a decline in the studded mix and emphasized the need to monitor the margin trajectory.
The brokerage said a decline in solitaire sales/studded mix is likely due to uncertainty surrounding the store value proposition of diamonds.
While gold prices have climbed, diamond prices have fallen. according to Cit the company may face long-term impacts from the growing popularity of lab-grown diamonds.
Global brokerage Macquarie as an Outperform stance on Titan with a Target price of Rs 4,100.
Macquarie has maintained an outperform rating on Titan with a target price of Rs 4,100.
Titan Company exceeded growth expectations across most business segments, Emkay Global said. Importantly, the jewellery segment clocked a significant improvement with 26 per cent growth in Q2 against expectation of 15 per cent, Emkay Global said. Titan Company had reported a growth of 9 per cent in Q1.
Titan Company reported a growth of about 25 percent year-on-year in the second quarter of FY25.
"Jewellery domestic operations grew 25% YoY in Q2 after a relatively soft Q1. Consumer demand significantly picked up momentum after the reduction in custom duty on gold imports from 15% to 6% leading to a strong double-digit uptick in gold (plain) for the quarter," Titan said in an exchange filing.
Meanwhile, Nuvama is bullish on the stock. It has a medium-term target of Rs 4350 & Rs 4710 for 3-6 Months.
It has assigned a long term (12 months) target of Rs 5425 for the Tata Group stock.