Buy Titan Company, target price Rs 3038: ICICI Direct

ICICI Direct has buy call on Titan Company with a target price of Rs 3038. The current market price of Titan Company is Rs 2998.55. Time period given by analyst is Intra Day when Titan Company price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 2988.

Titan Company, incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 267867.28 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 30-06-2023, the company has reported a Consolidated Total Income of Rs 12011.00 Crore, up 14.67 % from last quarter Total Income of Rs 10474.00 Crore and up 26.60 % from last year same quarter Total Income of Rs 9487.00 Crore. Company has reported net profit after tax of Rs 756.00 Crore in latest quarter.

Investment Rationale
Price broke out of falling channel and sustaining above 20-day EMA indicating revival of upward momentum

Promoter/FII Holdings
Promoters held 52.9 per cent stake in the company as of 30-Jun-2023, while FIIs owned 18.53 per cent, DIIs 10.42 per cent.