Thursday, December 4, 2008

Angel neutral on Titan Industries

(My Original Blog Post: -*
Angel Broking has recommended a neutral rating on Titan Industries in its November 28, 2008 research report. "Titan Industries is the world's sixth largest and India's largest manufacturer and retailer of watches and jewellery, which accounts for 35% and 60% of its overall Revenues, respectively. Titan has also forayed into the Eye-care segment recently under the brand name Eye+. The company is all set to grow at a CAGR of 26% in Net Sales and Net Profits respectively, over FY2008-10E."

"At the CMP of Rs 932, the stock is trading at 17.7x FY2010E Earnings and 5.4x FY2010E P/BV. We are positive on the company’s growth prospects. However, we Initiate Coverage on Titan Industries with a 'Neutral' recommendation as we believe the stock discounts the positives fairly well," says Angel Broking's research report.


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