Buy Titan Industries With Target Of Rs 4200

Buy Titan Industries With Target Of Rs 4200Technical analyst Shardul Kulkarni of Angel Broking has maintained 'buy' rating on Titan Industries Limited stock with a target of Rs 4200.

Mr. Kulkarni said that the stock can be bought with a stop loss of Rs 3900.

The analyst also said that the said target can be attained within a period of 3-4 trading sessions.

The stock of the company, on April 05, closed at Rs 3960.15 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 4244 and a low of Rs 1875 on BSE.

Current EPS & P/E ratio stood at 89.61 and 44.86 respectively.

As per reports, the company's directors will meet on April 29, 2011 in order to consider and sanction the audited financial results & audited consolidated financial outcomes for the twelve month period ended March 31, 2011.

Titan Industries is on expansion spree and is looking towards the Tier-II and Tier-III cities where demand for durable goods is being stoked by growing personal incomes.

Besides, it has also decided to make foray into the Indonesian market during the existing fiscal.

Mr. Harish Bhat, chief operating officer (watches), Titan Industries, stated, "Our strategy remains the same, we want to position Titan in the mid-market."

Watch and jewellery manufacturer has decided to launch 250 stores across the country in 2011-12 as against 150 stores during 2010-11.

The company's capex for the next fiscal is expected to be around Rs 100 crore, part of which, will be utilized for growth and preservation of the stores it presently possesses.

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