This Rakesh Jhunjhunwala portfolio share hits 52-week high post Q3FY22 update

This Rakesh Jhunjhunwala portfolio share hit a 52-week after the Tata-owned company, in its quarterly update for Q3FY22, said its jewellery business has witnessed a strong 37% growth YoY. In the update, Titan Company also said that it has added 14 more stores taking its store count to 428.  

Besides, the company's watches & wearables segment grew 28% YoY as it added 20 stores in the segment taking the count to 809.  

See Zee Business Live TV Streaming Below:

Also, the eyewear segment grew 27% YoY as the company added 53 new stores in the segment, taking its count to 682 stores. Other businesses grew 44% YoY in Q3FY22 and two new stores were added taking the total count to 16 stores, Titan said in its quarterly update.  

As Titan clocked 36 per cent growth in Q3/FY22, helped by festive purchases, global brokerage firms have come up with new ratings for the Tata-owned company.  

We have collated a list of various global brokerages firm post Titan's quarterly update for Q3FY22 

CLSA | (CMP: 2596) | Sell, Target 2200   
Global brokerage firm CLSA has given a sell target of Rs 2200 on CMP of Rs 2596 per share. The company reported 36% organic top-line growth, aided by strong 37% growth in the jewellery segment. The month of October & November 2021 saw robust sales in Jewellery, steady ticket size, improving studded share, improved walk-ins & higher GHS enrolment aided jewellery sales," it said in the note.   

Citi |(CMP: 2596) | Buy, Target 2975  
Citi has maintained its buy rating following a robust growth in jeweller segment of the company with target of Rs 2975 per share as against CMP of Rs 2596. “ A big positive surprise was seen once again in Jewellery segment of the company. Besides, there were healthy trends were alsoe seen in other segments amid festive and marriage season,” said the brokerage. 
  
Credit Suisse |(CMP; 2596) | Target raised to 2700 from 2500  

Maintain ‘Neutral’ view Credit Suisse revised the target price of Titan shares from Rs 2500 to Rs 2700 per share post quarterly update by the company.  “Another large beat registered from the jewellery business in 3Q FY22.  Good traction in watches and eyewear as well rose FY22/23/24E earnings by 7%,” said the brokerage while revising the target price of the Tata-owened company share.   
  
Morgan Stanley | (CMP: 2596)  | Target 2501  

Maintaining Overweight rating for Titan, Morgan Stanley fixed the target price of the share to Rs 2501 per share as against CPM of Rs 2596.  “Initial 3Q trends are positive across segments with regard to demand (+36% revenue growth), network expansion, & growth drivers,” it said in the note.   
  
Macquarie | (CMP: 2596) |  Target 3300  
  
Maintaining outperform rating, global brokerage firm Macquarie has given the most aggressive targets of all by putting the price at Rs 3300 per share. This change as put u by Macquarie translates into 27.11% upside. against CMP of Rs 2596 

JP Morgan |(CMP: 2596) | Target raised to 2700 from 2535 

Maintaining Overweight, JP Morgan raised the target price of Titan shares from Rs 2535 to Rs 2700 per share post the quartely update by the company.