Religare Capital positive on Titan Industries

Tirthankar Patnaik, EVP - Institutional Sales, Religare Capital Markets is positive on Titan Industries.

Patnaik told CNBC-TV18, "We like Titan Industries as a structural story. So we maintain our positive stance on it. India’s gold consumption, discretionary consumption, movement towards organized jewellery - all these factors are in favour of Titan, especially as specialty retail as well."
He further added, "What we like in the near-term in the consumer sector is only Dabur India and Emami. For the rest we believe that valuations are not really in favour at this point. Dabur India has been the sole stock that has shown not just volume improvement, but also margin improvement, something that rest of the Fast Moving Consumer Goods (FMCG) pack has not been able to do."
"We had a volume disappointment with Hindustan Unilever (HUL) and what is essentially happening is that the slowdown in the economy is now filtering through to consumption and it is showing up. You have also seen this from a macro top-down level on inflation numbers where core inflation is coming down now for last two months at less than five percent odd levels. So whichever are stocks which are able to buck this trend would be our favourites at this point and from a top-down perspective Dabur and Emami fit that bill."