Titan Industries Ltd Retain Forecasts, Maintain ACCUMULATE :: Emkay

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Titan Industries Ltd

Retain Forecasts, Maintain ACCUMULATE

ACCUMULATE

CMP: Rs 3,431                                        Target Price: Rs 3,762

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n     We interacted with the management of Titan Industries – though being in discretionary product- there is no evident signs for let-off in consumer demand

n     Watches business status quo – no pressure of input costs, no signs of down trading and eyeing faster then market growth rate

n     Jewellery business promises continuation of momentum – no signs of inventory build-up, no case for abnormal hedging gain/loss and share of studded jewellery rising continuously

n     Retain earnings estimates of Rs87.0/Share and Rs116.2/Share for FY11E and FY12E respectively. Maintain ‘ACCUMULATE’ rating with target price of Rs3762/Share