Titan Company hits record high after brokerage upgrade

Titan Company rose 5.85% to Rs 366.50 at 10:53 IST on BSE after a foreign brokerage upgraded the stock to overweight from equal-weight.

Meanwhile, the BSE Sensex was up 127.21 points, or 0.48%, to 26,441.50.

On BSE, so far 2.42 lakh shares were traded in the counter, compared with an average volume of 1.81 lakh shares in the past one quarter.

The stock hit a high of Rs 369 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 347.60 so far during the day. The stock hit a 52-week low of Rs 203 on 30 January 2014.

The stock had outperformed the market over the past one month till 20 August 2014, rising 5.04% compared with 2.62% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.22% as against Sensex's 7.95% rise.

The large-cap company has an equity capital of Rs 88.78 crore. Face value per share is Re 1.

The foreign brokerage cited conviction in the strength of Titan Company's Tanishq jewellery brand and its potential to gain market share.

Titan Company's net profit fell 2.86% to Rs 177.27 crore in 7.28% decline in total income to Rs 2916.84 crore Q1 June 2014 over Q1 June 2013.

Titan Company (earlier known as Titan Industries) is India's leading producer and retailer of watches, jewellery and eyewear.

Powered by Capital Market - Live News