Titan Industries

Titan Industries (ICICI securities) A positive surprise, yet again

Segmental analysis

Date	Rating	Target Price	Recommendation Price	Broker house
29 Jul 2011	hold	213	228	ICICI securities Report

Titan Industries (Emkay) Stellar performance, YET, Downgrade to HOLD

Strong performance… surprises positively;Jewellery business posts stellar performance;Watches revenue aided by strong volume growth;EBIT losses reduce qoq in others segment;Earnings upgrade of 10.6% in FY12E and 9.0% in FY13E

Date	Rating	Target Price	Recommendation Price	Broker house
28 Jul 2011	hold (from Accumulate)	225	228	Emkay Report

Titan Industries (India Infoline) Conviction Sell Ideas

High base to result in slower topline growth; Margins to be under pressure on rising gold and diamond prices; Valuations expensive relative to industry avg

Date	Rating	Target Price	Recommendation Price	Broker house
11 Jul 2011	sell	203	226	India Infoline Report

Titan Industries (UBS) Diversified specialty retailer

India Mid-Cap Premier League - Time to stock pick, again;New strategy to target consumer upgrades

Date	Rating	Target Price	Recommendation Price	Broker house
31 May 2011	buy	5000	4176	UBS Report

titan industries (UBS) Bridge to luxury

Titan's has a new strategy to target consumer upgrades; Helios and Tanishq high-end; Earnings forecast and PT upgraded, bonus and split announced; Valuation: We recommend a Buy on the stock

Date	Rating	Target Price	Recommendation Price	Broker house
16 May 2011	buy	5000 (from 4100)	3980	UBS Report

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titan industries (Angel) Healthy growth in the jewellery and watches segments improves performance

Date	Rating	Target Price	Recommendation Price	Broker house
4 May 2011	neutral	--	3838	Angel Report

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titan industries (ICICIsec) Strong growth momentum; PAT CAGR of 21%.

Jewellery segment continues to shine; Retail expansion continues

Date	Rating	Target Price	Recommendation Price	Broker house
3 May 2011	hold	4269	3918	ICICI securities Report

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titan industries (Emkay) Weak margins in watches impact overall results

Weak operational performance led by watches segment; Revenue growth remains robust. margins disappoint; Revisit our earnings estimates. maintain ACCUMULATE