Shares of Titan Company hit a record high of Rs 1,523 on Friday after brokerage firm Motilal Oswal Financial Services assigned a "buy" call on the stock with a target price of Rs 1,650.
Motilal said in its note,"Titan's medium-to-long-term earnings growth opportunity is best-of-breed, reflected in the about 24 percent EPS CAGR over the past three years."
Titan shares touched an intraday as well as all-time high of Rs 1525.3, rising 1.5% against the last closing of Rs 1,501.75. The stock also hit an intraday low of Rs 1,497.40 after opening at Rs 1,515.
Titan stock is trading higher than 5, 20, 50, 100 and 200-day moving averages. Titan share price has risen 4.88% in the last 3 days. Titan stock had hit 52-week low of Rs 720 on March 24, 2020.
Market capitalisation of Titan stood at Rs 10,84,964.51 crore today. Titan shares have risen 5% in a week, 18% in one month and 30% in one year.
"The Tata group company has a strong runway for growth, given its market share of less than 10 percent and the continuing struggles of unorganised and other organised peers, the brokerage said. The company is aggressively focussing on cost-saving and driving technology, both in selling and on loyalty programmes. After reporting 15 percent growth in the festival season against the comparable period last year, wedding demand is also healthy, " Titan added.
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