Titan Industries in which Rakesh Jhunjhunwala has investment worth Rs. 1400 crores (Rakesh Jhunjhunwala portfolio) as per current market price has been downgraded by CLSA because of stretched valuations.
Titan Industries shares closed down more than 6% to Rs 4,288 on NSE on Wednesday. The share price had doubled in the past one year aided by strong earnings growth and recent inclusion of the stock in the MSCI index.
CLSA has a price target of Rs 3,670 on Titan shares. Overall, CLSA expects Titan’s revenue growth to moderate to 25% in the current fiscal, compared with 40% growth last year, as growth in jewellery as well as watches segments is expected to ease.
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