Titan Ltd is among the top three gainers on the BSE currently. The stock price rose today over 5% to Rs.815.95 and continues to remain firmly in the green.
The stock price is up on account of three reasons:
1: In such times of turmoil, when global as well as domestic stock markets risks are higher, when rupee falls against the dollar, rate hike is round the corner; when there is so much uncertainty, gold becomes the safe haven.
2: Brokerage houses are gung-ho about the company - 22 of 31 brokerages have rated the stock “buy” or higher, seven “hold” and two “strong sell”; their median price target is Rs 1,045.
3: The company had put out its Q2FY19 outlook and it was pretty optimistic and Q3 is expected to be even better as this is the prime festive and marriage season picking up. The company has said that in Q2, it saw good growth across all verticals with watch segment continuing to do well and jewellery bounced back after a soft Q1.