Titan off record high, tumbles 5% on profit booking

NEW DELHI: Shares of Titan Company fell around 5 per cent on Tuesday on profit taking by investors after the counter witnessed a sharp 17 per cent rally in the previous session following what some analysts say was 'neutral' GST rate set by the government on jewellery.

The scrip plunged 4.60 per cent to close at Rs 527 on BSE, off a life-time closing high of Rs 566.70 hit in the previous day.

Titan Company had on Monday led a rally on jewellery counters and outshine the benchmark indices as the Goods and Services Tax (GST) rate of 3 per cent for gold announced on Saturday came in less than 4-5 per cent anticipated by market participants.

Brokerage CLSA has upgraded Titan Company to `buy' from `outperform' and raised target price to Rs 620, while another brokerage HSBC maintained its `buy' rating and target price of Rs 550.