Titan Stock Check: M-cap crosses ₹3 lakh crore; should you buy now?
Titan has been in the news lately after the Tata Group’s jewellery to eyewear brand crossed the ₹3 lakh crore mark on November 21. Titan’s strong revenue and profit growth in the September quarter and its healthy guidance for the upcoming quarters have kept experts bullish on the stock. Furthermore, rising gold imports, growth potential in the upcoming wedding season as well as its acquisition of an additional stake in its subsidiary CaratLane have added to the gains.
The stock hit its record high of ₹3,441.75 in intraday deals today, November 23, extending gains for the 7th straight session since November 15. In this period (November 15-23), the stock has advanced 5 percent. In the past three months, the stock has surged 13 percent against a 2 percent decline in the benchmark Sensex.
The stock has outperformed benchmark indices in the last one year, up over 31 percent as against an over 8 percent gain in Nifty. Whereas, in 2023 YTD, the stock has added over 32 percent versus a 9 percent gain in Nifty. The stock has given positive returns in 8 of the 11 months so far this year.
Just in November so far, the stock has gained almost 8 percent, extending gains for the 4th straight month since August. However, it was in the red in July (-1.43 percent), February (-0.2 percent), and January (-8.5 percent). However, in the long term, in the last 3 years, it has given multibagger returns, surging 195 percent in this period.
Titan Company reported a net profit of ₹940 crore in the second quarter of FY24, registering a growth of 9.7 percent from ₹857 crore in the corresponding quarter of last fiscal year. Its standalone revenue from operations in Q2FY24 increased 33.6 percent to ₹11,660 crore from ₹8,730 crore, YoY. Ebit for the
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