Titan Company shares fell more than 4 percent on Wednesday after its July-September quarter jewellery growth fell short of some expectations, with softer buyer growth and a shift in festive demand weighing on the quarter. However, brokerages retained bullish ratings on the stock, citing strong growth in studded jewellery and other businesses.
Titan shares were trading 4.4 percent lower at Rs 4,350 in early trade, making the stock the top loser on the Nifty 50. The decline was sharper than the broader market, with the Nifty down 0.7 percent at 22,621 at 9:22 am. The stock is still up 7.4 percent so far this year, compared with a 13.5 percent decline in the Nifty 50. Titan's market capitalisation stood at around Rs 3.86 lakh crore.
The company's domestic jewellery business grew 21 percent year-on-year in the second quarter of FY27. While CLSA said the growth was ahead of the consensus estimate of 19.3 percent, JPMorgan said it missed its own estimate of 25 percent.
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CLSA retained its 'Outperform' rating on Titan Company stock with a target price of Rs 5,590 per share, implying around 23 percent upside from Tuesday's closing price.