Titan rises 2% following March quarter results

NEW DELHI: Shares of Titan Company climbed 2 per cent in morning trade on Thursday, a day after the company posted a 4.42 per cent year-on-year rise in standalone net profit at Rs 294.58 crore for the March quarter.

The firm's net profit in the corresponding quarter last year stood at Rs 282.12 crore. The board of Titan, meanwhile, has recommended a dividend of Rs 5 per share.

At first glance, the market looked satisfied with the performance of the company.


Credit Suisse has maintained its outperform view on the stock with a target price of Rs 1,250. The global financial firm acknowledged the quarterly performance of Titan as strong. "Our outlook for Titan remains robust. Jewellery segment continued to shine due to gain in market share," said Credit Suisse.

"The performance was better than our expectations," said the brokerage Motilal Oswal Securities which has a buy rating on the stock with a target price of Rs 1,280.

There is no material change to our earnings per share (EPS) forecasts for FY20-21. Jewelry growth prospects remain robust, and now watches and even eyewear have started contributing to growth.

Shares of Titan closed 1.11 per cent up at Rs 1,100.45 on BSE.