Shares of Titan Co. hit record high on Tuesday after a two-day fall amid expectations of strong demand ahead of the upcoming wedding season.
The stock has risen around 8% since October.
The upcoming wedding season, which runs from Nov. 23 to Dec. 15, is expected to result in spending of Rs 4.74 lakh crore on items like gold jewellery, clothing and other consumer goods and services, according to the Confederation of All India Traders, the country's largest traders' group. Bulk of this spending will go towards jewellery, closely followed by suits to sarees, it said.
Shares of the company rose 1.4%, before paring gains to trade 1.1% higher at 12:55 p.m. This compares to a 0.2% advance in the NSE Nifty 50.
The stock has risen 32.4% on a year-to-date basis. The relative strength index was at 68.18.
Of the 33 analysts tracking the company, 22 maintain a 'buy' rating, seven recommend a 'hold,' and four suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 1%.
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