CLSA has maintained an Outperform rating on Titan, with a raised target price of ₹4,326, suggesting a potential upside of 26% from the current market price of ₹3,428.00.
The brokerage highlighted Titan’s agreement to acquire a 67% stake in Damas LLC from Damas International for a consideration of AED 1,038 million (approximately ₹24.9 billion). This deal valuation came in lower than prior media expectations pegged at ₹45 billion, making it a value-accretive transaction, according to CLSA.
CLSA believes the acquisition will enable Tanishq to significantly strengthen its presence in the GCC region, especially within the premium jewellery market. The move aligns with Titan’s strategy of expanding internationally and gaining a foothold in high-value segments outside India.
Disclaimer: This article is based on brokerage research and is not a recommendation to buy or sell any securities. Investors should consult certified financial advisors before making investment decisions.
