BofA-Merrill Lynch initiates Titan Industries with 'buy'

Bank of America-Merrill Lynch today initiated coverage on Titan Industries Ltd with a "buy" rating and a target price of Rs 345.

The investment bank cited Titan's dominant market share in jewellery and watches, the bottoming out of discretionary spending, and a potential increase in dividend payout.

BofA-ML also said concerns over regulations affecting the sector, including rising controls on gold imports and tighter Know Your Customer rules, are overdone.

Copyright: Thomson Reuters 2013