Titan, Havells Stocks Could Be Your Best Foot Forward In 2023, Says Vijay Chandok Of ICIC Securities

Company Name: Titan CMP: Rs 2,483 Market cap: Rs 2,20,446 crore Titan set up shop as a watchmaker in 1984, but has since then evolved itself as a lifestyle company. It has a strong presence in the jewellery segment through Tanishq, and has recently forayed into ethnic wear with Taneira, besides its eyewear, perfumes, and watches segments. Jewellery is the leading vertical and contributes more than 85 per cent to the total revenues. The overall Indian jewellery market is pegged at about Rs 4 trillion, of which Tanishq’s penetration is around 6 per cent. This provides immense opportunity for growth. Regulatory changes such as gold hallmarking, goods and services tax (GST) and demonetisation have turned out to be favourable for it, and have led to market share gains. During FY18-22, the industry stagnated, but Tanishq reported a staggering compounded annual growth rate (CAGR) of 17...