 "Titan Industries shares dip on RBI move")
This fresh move to control the current account deficit (CAD) in addition to the hike in gold import duty to 10%, could hike working capital expenses and interest costs for Titan Industries and other jewellery makers who have been buying gold on a lease basis from banks until now.
“This, once again, raises the specter of increasing interest and hedging costs for jewellers. Titan’s fiscal year 2014 and fiscal year 2015 earnings per share can potentially face a 6.25% and 12% cut, respectively,” analyst Abneesh Roy of Edelweiss Securities said in a note to clients.
Shares of Titan Industries were trading down about 11% at Rs 244.10 apiece, Friday at about 13:20 hours on the BSE.
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