Shares of Titan Company hit an all-time high of Rs 2,820.05 on May 29, 2023. The Tata Group stock was up over 54% from a 52-week low of Rs 1,827.15
Titan Company Limited, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), commenced its operations in 1984 under the name Titan Watches Limited. It is the fifth largest integrated own-brand watch manufacturer in the world
Titan reported a 25% year-on-year rise in its top line for the March quarter. The company attributed the growth to higher contributions from watches & wearables and its emerging businesses
The watches and wearables segment logged a 41% growth YoY, which was led by strong growth in analogue watches segment and almost tripling of revenues from wearables
Prabhudas Lilladher remains bullish on Titan given strong underlying demand trends in Jewellery and scalability in wearables, Eyewear and Taneira
Prabhudas Lilladher has a 'Buy' rating on the Titan stock with a target price of Rs 2,992 per share
Macquarie has assigned a target price of Rs 3,250 for Titan Company. Healthy growth across watches and jewellery was the key takeaway from the pre-4Q update, it said
CITI too has a buy call on Titan with a target of Rs 3,091. "Titan posted impressive growth despite a relatively weak March. Store expansion also remained strong," it said
Shares of Titan ended 2.48% higher at Rs 2810.05 on May 29, 2023. The market cap of the firm rose to Rs 2,49,472.35 crore
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