Shares of Titan Company Ltd gained 2 per cent in Thursday’s trade after UBS upgraded the Rekha Jhunjhunwala portfolio stock to ‘Buy’ from ‘Neutral’, while raising its price target to Rs 4,700 from Rs 3,600 earlier.

UBS described Titan as an “impressive player in the jewellery industry” backed by strong brands, consumer trust, and scale advantages. The brokerage noted that concerns around intensifying competition and the potential impact of lab-grown diamonds (LGDs) have been overhangs, but an UBS Evidence Lab survey indicates that the LGD threat remains manageable. UBS added that Titan’s overall value proposition continues to be competitive and, supported by attractive valuations, it expects an earnings rebound ahead. Advertisement

The stock rose 1.83 per cent to hit a high of Rs 3,797.

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