Titan is India’s largest branded jewelry, watches and eyewear company. Rise in disposable income is driving demand and events such as demonetization, GST and the current pandemic has improved the company’s competitive position at the expense of unorganized players. Post lockdowns, consumer spending is strong and management is increasing its retail footprint. High valuation is a concern but may be justified given the strong position in the market and the pedigree. We have an over weight rating given its returns profile and postponement of revenues rather than lost sales due to Covid. Recent correction in Gold prices is positive for demand generation – 12-08-2021 Price: 1823.55 Rating: Over Weight Recommendation: Buy
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