February 8, 2017 / 6:29 AM / 8 months ago

BUZZ-India's Titan surges to 5-mth high on strong Q3 earnings

** Shares of Titan Co Ltd rises as much as 9.7 pct, its biggest intra-day pct gain since May 22, 2014, to 431.55 rupees, its highest since Sept 9, 2016.

** Co reported a profit of 2.56 bln rupees ($38.03 million)in Dec-qtr, an increase of 13 pct increase over last year

** Research firm Kotak Institutional Equities raises stock’s target price to 390 rupees from 330 rupees.

** Kotak states recovering jewellery demand will benefit the co and it is well-placed to gain market share as the unorganized segment reels from demonetization-induced pressure.

** Over 8 mln shares change hands by mid-day trade, nearly eight times their 30-day average ($1 = 67.3100 Indian rupees)

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