Tata-owned Titan jumps most in over 3 months on growth view

Emperor Watch & Jewellery

03/02/2023 05:13

** Titan Co's shares  TITN.NS  up as much as 5.2% to
2,426.90, their biggest intraday pct gain since Oct. 7   
    ** Jewellery and watch maker among top two percentage
gainers on the benchmark Nifty 50 index  .NSEI  which is 0.3% up
    
    ** If gains hold, TITN on track to snap two straight
sessions of losses and post first weekly gain in five sessions 
    ** Co reports surprise fall in Q3 profit as high inflation
hurt demand for jewellery and watches
    ** Brokerage Jefferies says reported India jewellery growth
at <10% was broadly in-line, secondary was better at 15%,
supported by new buyer growth
    ** Jan seeing very healthy growth in jewellery, including in
gold despite price rise in yellow metal - Ajoy Chawla, CEO of
jewellery division
    ** Twenty-three of 30 brokerages rate the stock "buy" or
higher, 3 "hold" and 4 "sell" or lower; their median PT is
2,907.50 rupees
    ** TITN declined 8.5% in January vs a 2.45% fall in Nifty 50
 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))