Shares of Titan Firm fell almost 4 per cent right this moment (July 8). Brokerage JP Morgan downgraded the inventory from ‘chubby’ score to ‘impartial’ after the Tata Group firm’s June quarter enterprise replace. The worldwide brokerage lowered its goal value on Titan to Rs 3,450 from Rs 3,850 earlier. Titan’s jewelry enterprise reported 9 per cent income progress within the June quarter. In line with JP Morgan, this was beneath beforehand lowered expectations.

Titan stated the weak enterprise replace was resulting from excessive gold costs, fewer wedding ceremony days and weak client demand, which have impacted general progress. In the meantime, CLSA maintained its “outperform” score on Titan with a value goal of Rs 4,045. In line with JP Morgan, after being according to or higher than expectations for 8 quarters, Titan’s jewelry enterprise’ income progress price within the June quarter was 9 per cent, which was additionally beneath beforehand lowered expectations.

The brokerage stated it expects progress to return when gold costs normalise and the marriage season resumes. Goldman Sachs known as Titan’s quarterly replace disappointing and the brokerage has maintained its purchase advice on the inventory with a value goal of Rs 3,700.