Motilal Oswal Financial Services has recommended neutral rating on Titan Industries .
"Titan Industries posted a sharp recovery in volumes in its core businesses of watches and jewelry. The current quarter has started on a good note and the company has launched a sales promotion scheme across verticals. We are factoring in an 11% increase in watch volumes and a 15% increase in jewelry volumes over FY10-12. We are upgrading EPS estimates for FY10 to Rs 55.1 (Rs 45.3 earlier), for FY11 to Rs70.4 (Rs59.4 earlier) and for FY12 to Rs 91 (Rs74.5 earlier). We believe Titan continues to be one of the best plays on rising consumerism but valuations at 18.7x FY12E are rich. Maintain Neutral."
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