“Nuvama has downgraded Titan Company to 'Hold' from 'Buy' following the stock's recent rally, while raising its target price to ₹5,241 from ₹5,030, implying a 6% upside. The brokerage made minor adjustments to its FY27 and FY28 revenue and PAT estimates, and flagged risks related to the existing 10% customs duty on gold, noting potential impacts from changes to the duty.”

Nuvama Analysis’s track record: 4 graded calls · 95% CI 15–85%