India's jeweller Titan Co falls on Kotak downgrade to 'reduce'

Tribhovandas Bhimji Zaveri

05/07/2024 10:01

** Shares of jeweller Titan Company  TITN.NS  down 2% at
3,270.05 rupees
    **  Kotak Institutional Equities cuts to "reduce" from
"add", cuts PT to 3,075 rupees from 3,600 rupees
    ** Says growing competition among large players since past
1-2 years to intensify as Aditya Birla Group launches this year
    ** Adds increase in gold prices is helping smaller players
as inventory gains allow them to offer more discounts
    ** TITN quarterly update due later today
    ** Avg rating of 27 analysts equivalent of "buy", median PT
is 3,700 rupees - LSEG data
    ** TITN shares slid 10.5% in June
    ** Kalyan Jewellers  KALN.NS  and Tribhovandas Bhimji Zaveri
 TBZL.NS  have gained 16-17% 

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))