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Titan Company rises after brokerage upgrade

Capital Market 

Titan Company rose 1.47% to Rs 1,165.35 after a foreign brokerage firm reportedly upgraded the stock to overweight from equal weight with a target of Rs 1,300 from Rs 1,110 per share.

According to reports, the brokerage is of the view that strong growth in a difficult macro environment should be rewarded by re-rating. The research firm has raised FY20, FY21 and FY22 EPS estimates by 3%, 2% and 1% respectively. It believes that Titan's ongoing marketing and promotion spends are unprecedented.

Shares of Titan Company rose 7.34% in three trading sessions to its current market price of Rs 1,165.35, from a recent closing low of Rs 1,085.65 on 12 September 2019.

On BSE, 60,000 shares were traded in Titan Company counter, compared to a 2-week average of 95,000 shares. The stock hit an intraday high of Rs 1,175.50 and an intraday low of Rs 1,154.

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.

Titan Company's consolidated net profit rose 10.8% to Rs 363.74 crore on a 15.6% surge in net sales to Rs 5,095.10 crore in Q1 June 2019 compared with Q1 June 2018.

Titan Company is engaged in offering watches, jewelry and others. The company's segments include watches, jewellery, eyewear and others.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 17 2019. 12:11 IST