Titan stock extends gains, emerges as top gainer on Sensex, Nifty

Shares of Titan roseate 4 per cent connected Wednesday, extending their gains for the 2nd consecutive league amid dense volumes. The banal gained 3.68 per cent to deed a time precocious of Rs 2,595.90 implicit its erstwhile adjacent of Rs 2,503.65. It yet settled astatine 2.74 per cent higher astatine Rs 2,572.20 today. The scrip emerged arsenic the biggest scale contributor for the home benchmarks. On NSE, it climbed 3.69 per cent to deed a time precocious of Rs 2,596 against yesterday's closing of Rs 2,503.55.

A full of 1.03 lakh shares changed hands today, which was much than treble the two-week mean of 37,000. The turnover connected the antagonistic stood astatine Rs 26.44 crore. The institution commanded a marketplace capitalisation (m-cap) of Rs 2,28,356.36 crore.

A steadfast maturation successful the archetypal fractional of the ongoing fiscal twelvemonth (FY23), planetary enlargement and hopes that inventory days volition instrumentality to FY20 levels by FY24 could beryllium the caller triggers for the stock. Technical charts hinted that enactment connected the antagonistic is seen astatine Rs 2,450.

Also Read | Page Industries gets thumbs-up from Emkay Global; banal seen crossing Rs 50,000 successful 2023

Osho Krishan, Senior Analyst - Technical & Derivative Research astatine Angel One, said, "Titan has seen a beardown spurt from its 200-SMA (Simple Moving Average), backed by notable volumes connected the regular chart, signifying affirmative improvement connected the counter. On a method aspect, the banal has witnessed a affirmative crossover connected the 14-day RSI from the oversold region, adding to the bullish quotient. As acold arsenic levels are concerned, Rs 2,520-2,510 is apt to supply a cushion to immoderate fall, portion the beardown enactment lies astir Rs 2,450. On the higher end, the banal could re-test the Rs 2,650-2,670 portion successful a comparable period."

A R Ramachandran from Tips2trades said, "Titan present faces beardown absorption astatine Rs 2,588. A regular adjacent supra this level tin beryllium utilized by investors to bargain for targets of Rs 2,665-2,772 successful the coming weeks." The enactment connected the antagonistic is seen astatine astir Rs 2,450, Ramachandran added.

Brokerage Motilal Oswal has assigned a 'buy' telephone connected the antagonistic with a people terms of Rs 2,910, suggesting a imaginable upside of 16 per cent against yesterday's closing of Rs 2,503.65.

"The jewelery concern posted a steadfast maturation successful H1 FY23. We stay assured that Titan volition present connected its 2.5x maturation people successful this conception implicit the adjacent 5 years," the brokerage stated. It besides mentioned that planetary e-commerce would besides beryllium an important operator of sales.

Motilal noted that inventory days were higher than accustomed successful caller years partially arsenic a effect of mislaid income successful Q1 FY22 and Q1 FY21 owed to the Covid-19 pandemic.

Titan has gained 3.83 per cent successful the erstwhile 5 sessions. On a year-to-date basis, the banal has moved 2.15 per cent higher.

Titan posted a 30.2 per cent year-on-year (YoY) leap successful consolidated nett net astatine Rs 835 crore arsenic against Rs 641 crore successful the aforesaid 4th past year. Consolidated income for the 4th jumped 18 per cent YoY to Rs 8,567 crore from Rs 7,243 crore successful the year-ago period.

Also Read | Wipro, TCS, Infosys: Will IT stocks bounce backmost successful 2023? Here’s what Emkay Global says

Meanwhile, Indian equity benchmarks were astir level contiguous arsenic losses successful pharma and state-owned lenders countered gains successful user durables and vigor stocks.

(Disclaimer: The opinions expressed successful this nonfiction are that of the marketplace experts. The facts and opinions expressed present bash not bespeak the views of Business Today.)