Buy Titan Company, target price Rs 2628: ICICI Direct

ICICI Direct has buy call on Titan Company with a target price of Rs 2628. The current market price of Titan Company is Rs 2593. ICICI Direct recommended to keep stop loss at Rs 2569.3. The time period when the stock shall hit the target price is intraday.

Titan Company, incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 230114.17 Crore) operating in Gems and Jewellery sector.

Titan Company key Products/Revenue Segments include Jewellery, Watches, Precious & Semi Precious Stones, Eyewear, Others, Other Operating Revenue, Scrap, Other Services for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 9224.00 Crore, down -2.77 % from last quarter Total Income of Rs 9487.00 Crore and up 22.20 % from last year same quarter Total Income of Rs 7548.00 Crore. Company has reported net profit after tax of Rs 835.00 Crore in latest quarter.

The company’s top management includes Mr.S Krishnan, Mr.Bhaskar Bhat, Mr.Sandeep Singhal, Ms.Sindhu Gangadharan, Dr.Mohanasankar Sivapraksam, Mr.Pradyumna Vyas, Mr.B Santhanam, Mr.Ashwani Puri, Mr.C K Venkataraman, Mr.N N Tata, Ms.Jayashree Muralidharan. Company has B S R & Co. LLP as its auditors. As on 30-09-2022, the company has a total of 89 Crore shares outstanding.

Investment Rationale
Price close above 50 day EMA and sustaining above recent falling channelbreakout area, signaling continuation of the up move.

Promoter/FII Holdings
Promoters held 52.9 per cent stake in the company as of 30-Sep-2022, while FIIs owned 16.77 per cent, DIIs 11.53 per cent.