The traded volume of Titan Company stood at 551,733 shares, with traded value of Rs 170.85 crore. The total market capitalisation stood at Rs 272,616.93.
Morgan Stanley said that a dent in discretionary consumption on the back of high gold prices will likely lead to a near-term setback for Titan. It said that the growth momentum is expected to slow down a bit for the maker of watches and eyewear over the next couple of quarters.
However, the long-term prospects remain attractive for the stock with a more balanced risk-reward at current levels, the brokerage opined.
Titan shares hit their 52-week high of Rs 3,210 on Friday and have outperformed the benchmark index. The counter has given returns of 44% over 12 months versus 20% returned by the 50-stock index, according to Trendlyne data.
On Monday, despite the selling pressure in the stock, Titan was trading in an overbought zone with an MFI of 84, the Trendlyne data suggested. Another momentum indicator RSI was at 82.2, suggesting an overbought situation for the counter.
The stock has been relatively less volatile, with a 1-year beta of 84.
The consumer discretionary major posted a standalone net profit of Rs 734 crore for the quarter ended March, up 50% over Rs 491 crore reported in the same period last year. Revenue from operations surged 33% to Rs 9,704 crore for the quarter under review. The same stood at Rs 7,276 crore in the year-ago period. The company’s EBIT (earnings before interest and taxes) rose 37% to 1,053 crore, while EBIT margins stood at 12%.
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