Titan Company corrects after brokerage downgrade

Titan Company was down 2.73% to Rs 1291.70 at 11:51 IST on the BSE after a foreign brokerage reportedly downgraded the stock to 'equal-weight' from 'overweight', citing valuation concerns.

Meanwhile, the S&P BSE Sensex was up by 73.65 points, or 0.18% to 39,912.90.

On the BSE, 60,000 shares were traded in the counter so far compared with average daily volumes of 64,000 shares in the past two weeks. The stock had hit a high of Rs 1324.90 and a low of Rs 1288.60 so far during the day.

It hit a 52-week high of Rs 1,340.75 on 1 July 2019 and a 52-week low of Rs 731.70 on 9 October 2018. The stock surged 49.64% in the past one year to Rs 1,327.90 yesterday, 3 July 2019.

 

According to reports, the brokerage has set a target price of Rs 1,300 for Titan Company.

On a consolidated basis, Titan Company's net profit rose 10.8% to Rs 353.59 crore on a 18.8% rise in the net sales to Rs 4823.49 crore in Q4 March 2019 over Q4 March 2018.

Titan Company is makes watches, jewellery, eyewear and perfumes.

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