Buy Titan Company, target price Rs 1700: Yes Securities

Yes Securities has buy call on Titan Company with a target price of Rs 1700. The current market price of Titan Company Ltd. is Rs 1586.

Titan Company Ltd., incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 139497.84 Crore) operating in Gems and Jewellery sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 7659.00 Crore, up 66.46 % from last quarter Total Income of Rs 4601.00 Crore and up 16.93 % from last year same quarter Total Income of Rs 6550.05 Crore. Company reported net profit after tax of Rs 530.00 Crore in latest quarter.


Investment Rationale
The stock is on the verge of a breakout from a trendline resistance formed joining recent highs, suggesting bullishness building up currently. A successful breakout on higher volumes beyond Rs 1,600 will take the stock to new all-time highs. RSI setup, too, is favouring the bulls at the moment.

Promoter/FII Holdings
Promoters held 52.9 per cent stake in the company as of Dec 31, 2020, while FIIs held 18.6 per cent, DIIs 11.2 per cent and public and others 17.3 per cent.