Titan shares drop 4% as Q1 jewellery business growth disappoints

Titan Company shares fell almost 4% today, July 8, after brokerage JPMorgan cut the stock from an “overweight” rating to “neutral” in response to the Tata group company’s June quarter business report.

The international brokerage cut its target price on Titan from ₹3,850 to ₹3,450 after the company’s jewellery business reported a 9% increase in revenue for the June quarter. As per JPMorgan, this was below already lowered expectations.

Titan stated that the disappointing business update was caused by low wedding days, high gold prices and subdued consumer demand, all of which had an effect on overall growth.

As of 2:49 PM, Titan shares were trading 3.65% lower at ₹3150.00.

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