Titan will get again its glitter, m-cap soars to Rs 2 lakh crore

Mumbai: Watches-to-jewellery maker Firm’s market worth crossed Rs 2 lakh crore on Thursday pushed by the close to 11% run-up within the stock after the company reported a powerful restoration in demand within the September quarter. The corporate is the second within the Tata Group after Tata Consultancy Companies () to cross this milestone.

The present market worth of TCS stands at Rs 14.4 lakh crore

The inventory ended up 10.7% at Rs 2,376.20 after touching an all-time excessive of Rs 2,383.35 throughout the day.

Brokerages stay bullish on the corporate’s prospects, with some equivalent to JP Morgan and Credit score Suisse elevating goal costs on the inventory.

“Whereas we anticipated Titan to report robust income development, that is considerably forward of our and avenue expectations driving round 6% EPS (earnings per share) improve over FY22-23. Watch income was additionally higher than anticipated and eyewear was in-line,” mentioned JP Morgan in a word, elevating the goal worth to Rs 2,320 from Rs 2,000. “…we count on close to time period inventory outperformance going into the festive season,” mentioned JP Morgan.

The inventory has gained 52% since January and 516% prior to now 5 years, making it among the many finest performing inventory bets on India’s client story.

Credit score Suisse has elevated earnings estimates by 5-8% and goal worth to Rs 2,150 from Rs 2,000. The agency mentioned it’s probably that a number of the misplaced demand from the primary quarter was postponed to the second quarter which may partly clarify the robust development.

“Titan stays the best-run organised jewellery participant in India and is quickly gaining share from the unorganised market,” mentioned Credit score Suisse, whereas sustaining a impartial score.

The jewelry enterprise grew 78% and wearables section noticed 73% development in July-September.

JP Morgan and UBS have a impartial score on the inventory.

Macquarie, which has an outperform score on the inventory, has raised the goal worth to Rs 2,650 from Rs 2,000. “We imagine Titan, one among our client high picks, is healthier positioned than friends to profit from this clear uptick in demand momentum,” mentioned Macquarie.