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Research
Titan Company - Technical View / Fundamental View - ICICI Securities
Posted On : 2020-06-25 12:14:57( TIMEZONE : IST )
Technical View
The share price is at the cusp of breakout from the rounding consolidation pattern of the last two months signalling conclusion of corrective trend, auguring well for structural turnaround. Thereby offering fresh entry opportunity to ride next leg of major up move.
The recent price rise is supported by strong volume of more than double of the 50 weeks average volume of 1.4 Cr share per week highlighting larger participation in the direction of trend. Structurally in the smaller time frame the stock has generated a faster retracement of the last falling segment as five weeks decline (Rs. 1044-810) was completely retraced in less than four weeks highlighting strength in the current up move.
Fundamental View
Titan Company is the market leader in Indian jewellery market through its flagship brand Tanishq. The company also has a presence in other consumer segments of watches and eyewear. FY20 was a challenging year for Tanishq owing to a significant surge in gold prices (up ~31% YoY) and slowdown in discretionary spending. Despite the dual headwinds, Tanishq continued to outperform the industry with sustained market share gains (revenue growth: 6% YoY in FY20).
We expect Titan to be a key beneficiary as India's gold market continues to strive towards regulation and standardization (recent mandatory gold hallmarking). The company has consistently exhibited its ability to gain market share amid a tough industry scenario. Robust balance and asset light distribution model have enabled it to outpace peers in terms of store addition. We build in earnings CAGR of 16% over FY20-22E.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_GladiatorStocks_ConsumptionThematic_Jun20.pdf
Shares of Titan Company Limited was last trading in BSE at Rs.987.7 as compared to the previous close of Rs. 998.45. The total number of shares traded during the day was 144988 in over 6364 trades.
The stock hit an intraday high of Rs. 1026 and intraday low of 985.15. The net turnover during the day was Rs. 146402483.
