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BUZZ-India's Titan Co hits record high on strong results
November 6, 2017 / 4:41 AM / a month ago

BUZZ-India's Titan Co hits record high on strong results

** Shares of Titan Company Ltd rise nearly 25 pct to a record high of 824.65 rupees

** Stock posts biggest intraday pct gain since Oct. 31, 2015

** Sept-qtr profit up 71 pct to 3.06 bln rupees ($47.29 mln), beating analysts’ average estimate, according to Thomson Reuters data

** Titan’s aggressive jewellery strategy is delivering, and GST is a significant catalyst for long-term structural growth, HSBC analysts say

** Co's qtrly income from jewellery business up 37 pct to 27.10 bln rupees from last year bit.ly/2j3C6XA

** Deutsche Bank raises the jewellery retailer’s price target to 900 rupees from 625 rupees and forecast co’s earnings to double over FY17-19

** Up to Friday’s close, stock had doubled this year ($1 = 64.7025 Indian rupees)

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