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Shares of jeweller Titan Company Ltd rose as much as 4.2 per cent to Rs 883.4, highest since November 2. The stock was among the top percentage gainers on the NSE index, posting sharpest intraday percentage gain since October 10.
Quarterly consolidated sale of products jumped nearly 28 per cent, but the net profit growth at 7.8 per cent was muted due to higher expenses.
Deutsche Bank says Titan's H2 is likely to be better. “We expect the virtuous cycle of market share gains to continue for Titan as it steps up its investment in the wedding jewellery segment and stands to be a big beneficiary of the jewellery industry getting more formalized,” DB had said in a note on November 10.
Deutsche Bank has raised the price target to Rs 1,100 from Rs 1,050; it has maintained the rating at “buy”. About 4.6 million shares changed hands, compared with the 30-day moving average of about 3.5 million shares.
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