Reuters Market Eye - Goldman Sachs upgrades Titan Industries Ltd to "buy" from "neutral", saying the jewellery retailer is "sufficiently" capitalised to buy gold without too much leverage, while its growth is being supported by additional stores and "resilient" wedding and discretionary demand.
Titan's policy of hedging gold fully protects it from volatile gold prices, while it offers "a strong competitive position" due to its high capital efficiency, adds Goldman.
Titan has fallen 18 percent in 2013 as of Monday's close compared with a 0.5 percent fall in the BSE Sensex in the same period.
Titan's shares are up 1 percent at 10:26 a.m.
(Reporting by Abhishek Vishnoi)