Buy Titan Company, target price Rs 2738: ICICI Direct

ICICI Direct has buy call on Titan Company with a target price of Rs 2738. The current market price of Titan Compan is Rs 2708. 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 2684

Titan Company, incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 240345.91 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 31-03-2023, the company has reported a Consolidated Total Income of Rs 10474.00 Crore, down -10.46 % from last quarter Total Income of Rs 11698.00 Crore and up 33.05 % from last year same quarter Total Income of Rs 7872.00 Crore. Company has reported net profit after tax of Rs 736.00 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 31-03-2023, the company has a total of 89 Crore shares outstanding.

Investment Rationale
Bullish Piercing line like candlestick at 20 day EMA signaling further upsides in coming sessions.

Promoter/FII Holdings
Promoters held 52.9 per cent stake in the company as of 31-Mar-2023, while FIIs owned 17.51 per cent, DIIs 11.01 per cent.