Titan Indusries looks less expensive, says UBS

Gautam Chhaochharia of UBS India told CNBC-TV18, "Clarity on the bad news even from Titan Industries is not yet clear in terms of how they will operationalise under the new regime. It has definitely come off in terms of valuations, but again the financing regime will be critical because it increases the volatility of the earnings. Then the stock may not get its earlier price-to-earnings (P/E) multiple."

"If they are able to replicate similar stability in the gold price linked earnings then this is at attractive levels. That clarity is still awaited. It has corrected a lot, so it is less expensive than it was earlier," Chhaochharia said.