Shares of Titan Co. hit a record high on Monday after its third-quarter revenue rose 22% year-on-year as it expanded its footprint with new stores, showed the company's December quarter business update.
Titan added 90 stores in in three months to December 2023, taking the total count to 2,949.
However, the valuation of Titan remains high due to continuous gains in share price on the back of a positive medium-term business outlook, according to Citi Research.
The brokerage has a target price of Rs 3,650 apiece on the stock.
Shares of the company traded 0.09% higher at Rs 3,715.85 apiece as of 9:49 a.m., compared with a 0.27% decline in the NSE Nifty 50. The stock rose as much as 1.93% in early trade to hit record high of Rs 3,784 apiece.
It has risen 49.20% in last 12 months. Total traded volume so far in the day stood at 5.9 times its 30-day average. The relative strength index was at 67.60.
Out of 32 analysts tracking the company, 23 maintain a 'buy' rating, six recommend a 'hold', and three suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 3.8%.
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