Titan Marks Milestone with ₹3 Lakh Crore Valuation Amid Strong Growth

Titan Marks Milestone with ₹3 Lakh Crore Valuation Amid Strong Growth

VoM News Desk | November 23, 2023 | 04:34 PM IST | Breaking News | Follow on Google News

Titan Marks Milestone with ₹3 Lakh Crore Valuation Amid Strong Growth

Titan Marks Milestone with ₹3 Lakh Crore Valuation Amid Strong Growth

Titan, a Tata Group brand, has recently crossed the ₹3 lakh crore market capitalization mark, buoyed by robust revenue and profit growth in the September quarter. The brand’s positive outlook for upcoming quarters, alongside factors like rising gold imports and its recent acquisition of a stake in CaratLane, have maintained a bullish sentiment among experts.

Record High Stock Performance

Titan’s stock hit a record high of ₹3,441.75 on November 23, marking continuous gains over seven sessions since November 15. During this period, the stock advanced by 5 percent. Over the past three months, Titan’s stock surged by 13 percent, outperforming the 2 percent decline in the Sensex. In the last year, the stock has grown over 31 percent, compared to an over 8 percent gain in Nifty. Since the start of 2023, the stock has risen over 32 percent.

Financial Highlights and Expansion

The company reported a net profit of ₹940 crore in Q2 FY24, a 9.7 percent increase from the previous fiscal year. Standalone revenue also saw a significant rise of 33.6 percent YoY. The jewellery segment, in particular, recorded an impressive 19 percent increase in total income. The company is also expanding its presence in various segments, including jewellery, watches, wearables, eyewear, and emerging markets like electric vehicles.

Analyst Recommendations and Future Outlook

Brokerages like Prabhudas Lilladher and Motilal Oswal Financial Services have given ‘Accumulate’ and ‘Buy’ ratings to Titan’s stock, respectively, citing its strong performance and growth prospects. They emphasize Titan’s investment in future growth and its position as a leading player in discretionary consumption. Nuvama also maintains a ‘Buy’ rating, noting the company’s robust Q2 performance and increased target valuation.

Technical Analysis and Investment Strategy

Technical analysts recommend holding the stock for long-term investors, while suggesting that new investors wait for a minor pullback for fresh entry. The stock is expected to remain bullish as long as weekly RSI remains above 60.

In summary, Titan’s recent performance and future prospects, underpinned by strong financials and strategic expansions, make it a compelling option for investors in the consumer discretionary sector.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.