Titan falls 4.5% after earnings; downgrades from brokers

Titan Co Ltd shares fell 4.5 per cent after the company said September-quarter net profit rose by 4 per cent to Rs 187 crore, missing some analysts' estimates.

HSBC downgraded Titan to "neutral" from "overweight", while maintaining its target price of Rs 280, citing weak operating performance and outlook after the earnings

The investment bank said while the operating performance and outlook may be perceived as weak by the Street, some expectations such as Titan managing to get RBI permission to hedge gold internationally and to use direct import licence may help the stock at these levels.

Also, Jefferies cut its rating on Titan to "hold" from "buy" and reduces price target to Rs 285 from Rs 311.

Copyright: Thomson Reuters 2013