The shares of Titan Company declined more than two percent on Thursday after global research firm CLSA retained its sell rating on the stock a day after the jewellery maker provided an update on its business performance in Q2FY21.

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During the festive quarter, the jewellery division progressed from the recovery phase to the growth phase aided by a better festive season and pent-up demand for wedding jewellery and the other two large divisions moved much closer to a full recovery, Titan had said.

The watches and eyewear segments recovered 88 percent and 92 percent respectively.

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Titan shares hit 52-week high on Q3 business update

CLSA sees 11 percent YoY topline growth for the company while expects earnings to see a 22 percent YoY decline, given the weak margin for Q3FY21.

The brokerage house retained its Sell call on the stock given due to its expensive valuations (57x Mar’23 EPS).

The stock price of Titan fell as much as 2.45 percent to Rs 1,575.00 apiece on the BSE. At 1:30 pm, the shares were trading 2.12 percent lower at Rs 1,541.00 as compared to a percent gain in the benchmark Sensex.

(Edited by : Abhishek Jha)

First Published:Jan 7, 2021 2:03 PM IST