Nomura maintains Buy rating on Titan with increased TP to INR321

Nomura has maintained its Buy rating on Titan Industries in its recent research report dated January 30, 2013.

Titan looks well positioned to deliver on Nomura's relatively modest expectations in FY14F, as the challenges in the jewellery business seem to be turning a corner. The company's volume growth in the jewellery business was 12% in Q3FY13, which was a solid positive.

Nomura believes that in the medium to long term, Titan will continue to gain share from local and regional players, which should help sustain volume growth in the mid to high-single-digit range in the jewellery business.

We maintain our Buy rating with a revised TP of INR321 on roll forward to FY15F.

Source : Equity Bulls

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