Research Report

Mid Cap
01 Feb 2012, 04:55 PM
Titan Industries Ltd.
CLSA
SELL
LONG TERM
Price when Post
196.2
Target Price
Return
-100%
CLSA downgrades Titan

Downgrade to sell from underperform post Q3’Fy12. Disappointment came from volume growth in jewellery & margins on watches. Volume growth likely to be at the cost margins in the near term. Cautious outlook is at odds with the 27 times FY13 price earnings.

 

 

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