BofA-Merrill initiates India's Titan with 'buy'

Reuters Market Eye - Bank of America Merrill Lynch initiates coverage on Titan Industries Ltd, a maker of jewellery, with a "buy" rating and a target price of 345 rupees.

The investment bank cites Titan's dominant market share in jewellery and watches, the bottoming out of discretionary spending, and a potential increase in dividend payout.

BofA-Merrill also says concerns over regulations affecting the sector, including rising controls on gold imports and tighter Know Your Customer rules, are overdone.

(Reporting by Abhishek Vishnoi)