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This article is more than 3 year old.

Titan falls nearly 5% after CLSA cuts to sell

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CLSA downgrades stock to “sell”, cuts target price to Rs 720 from Rs 1,050 amid growth concerns after the company missed Q1 guidance.

Titan falls nearly 5% after CLSA cuts to sell
Jeweller Titan Company Ltd’s shares fall as much as 4.7 percent to Rs 786.1, their lowest since February 9. The stock is top percent loser on the NSE index.
CLSA downgrades stock to “sell”, cuts target price to Rs 720 from Rs 1,050 amid growth concerns after the company missed Q1 guidance.
“Worried of the impact of a potential hawkish stance on gold regulations which could weigh on Titan’s premium valuation,” CLSA analysts write.
Even if the government does not take action to curb gold imports in the near term the overhang would still remain as actions could be staggered, CLSA writes.
Indian rupee has fallen over 12 percent against the dollar this year, resulting in reports of a strict import regime and higher import duty on gold.
Nearly 1.7 million shares traded as of 0419 GMT, compared with 30-day average of nearly 3 million shares.
22 of 31 brokerages rate the stock “buy” or higher, seven “hold” and two “strong sell”; their median price target is Rs 1,050.
Titan shares added Rs 815.95, down by 1.08 percent, losing Rs 8.95 in value at 11.21 am on the NSE.
The NSE Nifty 50 traded at 11,313.60, higher by 34.70 points, or 0.31 percent.
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