Global brokerage CLSA has revised its target price on Titan to Rs 3,150 per share.
The Tata group company plans to expand its retail business by adding around 140-150 stores during FY2024.
The stock of Titan Company Limited has given tremendous returns to its investors in the last three years, growing their money more than two times during this period. Titan is a heavyweight stock in the Indian markets with a market capitalization of around Rs 2.29 lakh crore on the Bombay Stock Exchange.
This favorite stock of reputed veteran investor of the Indian stock market and Big Bull late Rakesh Jhunjhunwala has given 169 per cent return to its investors in the last five years.
Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala has also increased her stake in Titan recently. For the quarter ended March 31, 2023, Titan’s shareholding pattern shows Rekha Jhunjhunwala holds a total of 4,69,45,970 equity shares of the company, which is a total stake of 5.29 per cent.
Shares of the Tata group company closed at Rs 2,580.8 per piece on the BSE on Thursday, up 0.5 per cent. The company’s shares have gained 164 per cent in the last three years. However, the stock has declined by 2.5 per cent in the last six months.
Global brokerage CLSA has revised its target price on Titan to Rs 3,150 per share, with a potential upside of 22.33 per cent from Thursday’s closing price led by Titan’s growth signals.
According to CNBCTV18, CLSA has valued Titan’s eyecare business at $1.9 billion and expects the business to grow at 3.3x over the next five years, based on the recent funds raised by Lenskart in terms of valuation.
The Tata group company plans to expand its retail business by adding around 140-150 stores during FY2024. The expansion plan will include the company’s top brands – Tanishq, Mia, CaratLane and Zoya.
Bengaluru-based Titan Company Limited is a leading player in the manufacturing and sales of watches, jewellery, eyeglasses and accessories.
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