Titan's share price has more than doubled in the last 1 year in India.
Titan's share price range
On November 6, 2020, Titan's stock price was Rs. 1253.3 per share, while on November 8, 2021, Titan's stock price closed at Rs. 2536 per share. Hence, the company's stock price has more than doubled in that period. Since August, this year, in the last 3 months, Titan's share price has seen a massive bullish trend in the equity market, crossing previous levels.
It has been a steep rise for the company since August, as Titan's stock price was quoted at around Rs. 1770 per share. This trend has led to growth and on November 9, the company's share price stood at Rs. 2511.85, till the market was open. On October 18, their stock was quoted at Rs. 2589 per share, highest till now.
Titan in the last quarter reports exceptionally strong growth, their jewellery segment increased by 77% y-o-y, whilst the eye-wear/ watches segment went back to the pre-Covid level poising a recovery rate of 96%/104%. Titan's Ebitda increased 16%, which has been above consensus. The festive season and marriage season have been very encouraging for Titan this year, with robust growth in Titan's Jewellery division.
Commenting on Titan's stock Edelweiss Financial Services said, "Factoring in the outperformance, we are increasing FY22/23e Ebitda by 7%/11%. We are also increasing the target from 55x EV/Ebitda to 65x to reflect the structurally higher growth trajectory that its jewellery business has been achieving and can further too. Despite its size, Titan makes up hardly ~15%/6% of the organized/total jewellery market. Retain 'Buy' with a revised TP of Rs 2,867 (Rs 2,071 earlier)."
About the company
"Titan Company Limited (Titan), a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), commenced its operations in 1984 under the name Titan Watches Limited. Titan is the fifth largest integrated own brand watch manufacturer in the world. Titan is widely known for transforming the watch and jewellery industry in India." Their most popular brands are Fastrack, Sonata, Nebula, RAGA, Regalia, Octane, and Mia. Their export activities of watches include around 32 countries globally.
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