Morgan Stanley stays Overweight on Titan with TP Rs 5,212; sees no hit from duty-free gold curbs
May 15 broker desk: MS reiterates Overweight Titan (TP Rs 5,212), shrugging off tighter duty-free gold rules. Voltas views split as Street pencils 15-20% RAC growth into FY27 against 9-10% Q4 price hikes and 30-40 days channel inventory. United Spirits Prestige momentum holding up ex-Maharashtra/AP; TP band Rs 1,350-1,480.
Brokerages issued fresh calls May 15: MS Overweight on Titan (TP Rs 5,212) seeing no impact from tighter duty-free gold rules; mixed Voltas views on RAC growth; United Spirits Prestige momentum healthy outside Maharashtra/AP.
Why this matters
Brokerage backing follows jewellery stocks cratering 3-4.5% on PM's gold-buying caution and Titan CFO defending FY26 growth guidance amid gold price turbulence and a 19% industry volume drop.
Retail-brand signals steady at 233 over the past 90 days.