Morgan Stanley reiterates Overweight on Titan, sees 24.6% upside to Rs 5,212
MS argues India's gold import duty hike and 100kg Advance Authorisation cap won't materially dent Titan, since ~50% of gold sourced via customer exchange programme. Stock rose 1.42% to Rs 4,194; brokerage flags 4QFY26-1QFY27 as key watch period.
Morgan Stanley reiterated Overweight on Titan with Rs 5,212 target (24.6% upside), arguing new gold import duty hike and 100kg Advance Authorisation cap won't materially hurt Titan since ~50% of gold comes from customer exchange programme; shares rose 1.42%.