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Shares of jewellery and accessories retailer Titan Co Ltd rose as much as 2.6 per cent to Rs 961.90, highest since March 28.
The company had said on Friday that Q4 jewellery retail sales growth were in mid-teens. Titan said regulatory actions, drive against unaccounted wealth and developments on credit situation of jewellers could pose challenges for jewellery industry.
Recent regulations have “tilted trade decisively in favour of organised players, among which Titan is a dominant player in terms of scale and trust,” Motilal Oswal analysts said in a note, raising the price target to Rs 1,090 with rating “buy”.
Of 31 brokerages that cover the stock, 23 rate it as “buy” or higher, six “hold” and two “sell” or lower; their median price target is Rs 909.50.
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