Sell Titan Industries, target of Rs 671: Emkay Global
Emkay Global Financial Services has maintained its sell rating on Titan Industries with the target price of Rs 671 in its February 20, 2009 research report. “Indian gold jewellery volume in Q4CY08 (December 2008 quarter) grew by 106.7% yoy to 102 tons. We believe that the growth was influenced by a lower base effect and over 15% fall in the gold prices during the Diwali festival. But on qoq basis the volume witnessed a 42.8% decline. Now the gold prices have surged further to above Rs 15700 per 10 gm, we expect weaker gold jewellery demand in subsequent quarter. We maintain our view that reduced propensity to consume will result in lower demand for gold jewellery further aided by rising gold price. We maintain our SELL rating on the stock with the target price of Rs 671,” says Emkay Global Financial Services’ research report.
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