90% rally in 1 year: This Jhunjhunwala stock has brokerages hooked
Titan Company advanced over 3 per cent on Monday after brokerages such as Morgan Stanley and Motilal Oswal projected mor
e than 10 per cent upside in the stock.
Its previous close read Rs 938.80 on Friday.
The stock had jumped 93 per cent to Rs 938.80 during the past one year till April 6. It was at Rs 487.20 on the same day in 2017.
Global brokerage firm Morgan Stanley maintained ‘Overweight’ on Titan with a target price of Rs 1,050. Domestic brokerage house Motilal Oswal Financial Services maintained ‘Buy’ with a target price of Rs 1,090.
Morgan Staley estimated an overall earnings growth of 55 per cent for Titan for Q4 and sees strong performance in watch and jewellery segments.
Titan’s digital omni channel jewellery retailing subsidiary Caratlane has also delivered good sales and profitability in the financial year, according to Motilal Oswal. There are 36 Caratlane stores as of end-FY18, with 24 being added in this fiscal itself.
The brokerage house added that the watches division too put up a good show, led by robust growth in multi-brand and e-commerce platforms. The e-commerce interface for the division has seen strong growth in FY18 and now contributes 10 per cent of the unit's sales.
Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together held over 8 per cent stake in the company as of December 31, 2018. LIC's stake was more than 2 per cent.
Its previous close read Rs 938.80 on Friday.
The stock had jumped 93 per cent to Rs 938.80 during the past one year till April 6. It was at Rs 487.20 on the same day in 2017.
Global brokerage firm Morgan Stanley maintained ‘Overweight’ on Titan with a target price of Rs 1,050. Domestic brokerage house Motilal Oswal Financial Services maintained ‘Buy’ with a target price of Rs 1,090.
Morgan Staley estimated an overall earnings growth of 55 per cent for Titan for Q4 and sees strong performance in watch and jewellery segments.
Titan’s digital omni channel jewellery retailing subsidiary Caratlane has also delivered good sales and profitability in the financial year, according to Motilal Oswal. There are 36 Caratlane stores as of end-FY18, with 24 being added in this fiscal itself.
The brokerage house added that the watches division too put up a good show, led by robust growth in multi-brand and e-commerce platforms. The e-commerce interface for the division has seen strong growth in FY18 and now contributes 10 per cent of the unit's sales.
Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together held over 8 per cent stake in the company as of December 31, 2018. LIC's stake was more than 2 per cent.