Titan shares rise over 6% Apple on Thursday showed 2,133 Apple sales in the April-June quarter had nearly tripled year-on-year (YoY) in early deals after the company updated its Q1 business on Wednesday.
Its jewelry division, which accounts for about 85% of its revenue, posted 207% growth and added 19 new stores during the quarter, bringing the total number to 463.
Buy-rated brokerage Prabhudas Lilladher said, “Titan growth strategy is playing out with aggressive store expansion in jewellery (19 in 1Q), increased focus on wedding segment, lighter jewelery and focus on design and campaign.” Feather titan share with a target price of 2,520.
The brokerage house believes that the company’s new businesses like Wearables, Taneria (Distribution and Product Range Lead), Carat Lane will continue to grow.
Titan’s Watches & Wearables division has achieved the highest ever quarterly revenue in the first quarter of FY 2013, registering a growth of 158% and witnessing decent growth across all brands and products.
Another brokerage firm Motilal Oswal said, “Titan continues to be our top pick in the largecap consumption space in India.
In the jewelery industry, which is fast organizing, Titan is clearly at the forefront of the organized players leading this growth. Its runway for growth is long, with a market share of ~6%. Unlike other high-growth categories, the competitive intensity in jewelry from organized and unorganized peers is quite weak. The infrastructure investment case for Titan continues.
Motilal Oswal has maintained its buy rating on the Tata Group stock with a target price of 2,900 per share.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.