Stock Review: TITAN INDUSTRIES

Titan is India's leading manufacturer of jewellery and watches. Jewellery accounts for three-fourths of its sales and twothird of profits with watches accounting for the rest. In jewellery segment, the company has been able to grow higher than the industry, thanks to its well-established Tanishq brand. The company's other two brands, 'Gold Plus' and 'Zoya', apart from its various relationship and loyalty programmes, enabled its strong performance during higher gold prices. The company has 60% share of India's organised watch market and exports watches to 26 countries. It has also entered the business of eyewear. Leveraging its various brands, the company is also entering businesses of travel accessories. Considering its past success at establishing brands and its retail reach, these new initiatives can be expected to become success stories in going forward.