Jefferies on Titan ; Upgrade to Buy, TP Raised to Rs 6000

Titan delivered a strong 2Q despite gold-price volatility & festive shift, with record-high reported jewellery margin & >20% domestic rev growth. International performance was bolstered by acquisitions, and LFL growth was strong. Mgmt intends to focus on top-line growth with an eye on mkt share, which think is just what a leader should be doing, while retaining its c.11% jewellery margin guidance.

TITAN COMPANY LIMITED

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