Global brokerage CLSA has revised its target price on Titan, increasing it to Rs 3,150 per share.
The Tata Group Company plans to expand its retail business with addition of nearly 140-150 stores during the financial year 2024.
Titan Company Ltd stock has given tremendous returns to its investors in the past three years, increasing their money by more than two times in the period. Titan is a heavyweight stock on the Indian bourses with a market capitalisation of nearly Rs 2.29 lakh crore on the Bombay Stock Exchange.
This favourite stock of the Indian stock market’s iconic veteran investor and Big Bull late Rakesh Jhunjhunwala, has given returns of 169 percent to its investors over the past five years.
Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala has also recently increased her shareholding in Titan. For the quarter ended March 31, 2023, Titan’s shareholding pattern shows that Rekha Jhunjhunwala holds a total of 4,69,45,970 equity shares of the company, aggregating to a 5.29 percent stake in it.
Shares of this Tata Group Company closed at Rs 2,580.8 per piece, up 0.5 per cent, on BSE on Thursday. In the past three years the company’s shares have increased 164 per cent. However, over the past six months, the stock has dropped by 2.5 percent.
Global brokerage CLSA has revised its target price on Titan, increasing it to Rs 3,150 per share, which aggregates to a potential upside of 22.33 percent compared to Thursday’s closing price, led by Titan’s growth signals.
CLSA values Titan’s eyecare business at $1.9 billion and estimates the business to grow by 3.3 times in the next five years, on the back of the recent fund raising by Lenskart as a reference for valuation, according to CNBCTV18.
The Tata Group Company plans to expand its retail business with addition of nearly 140-150 stores during the financial year 2024. This expansion plan will include the company’s top brands- Tanishq, Mia, CaratLane, and Zoya.
Bengaluru-based Titan Company Ltd is a leading player in the manufacturing and sale of watches, jewellery, eyewear and other accessories.
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