Buy Titan Company, target price Rs 1320: Edelweiss

Edelweiss has given buy rating to Titan Company with a target price of Rs 1320. The share price moved up by 0.56 per cent from its previous close of Rs 1167.45. The stock’s last traded price is Rs 1173.

Titan Company Ltd., incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 103942.00 Crore) operating in Gems and Jewellery sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 1368.00 Crore, down 70.37 % from last quarter Sales of Rs 4617.31 Crore and down 73.15 % from last year same quarter Sales of Rs 5095.10 Crore. The Company reported net profit after tax of Rs -293.00 Crore in latest quarter.


Investment Rationale
The brokerage said that the stock is moving in an upward channel forming higher tops and higher bottom. A hidden divergence on daily chart is suggesting strong upside in the stock.

Promoter/FII Holdings
Promoters held 52.9 per cent stake in the company as of June 30, 2020, while FIIs held 17.6 per cent, DIIs 11.2 per cent and public and others 18.4 per cent.