Consumer durable index gains 1% ahead of festivities; Kajaria Ceramics gains over 3%
In the afternoon trade, Nifty Consumer Durables index was up around 1%, while the broader Nifty 50 fell over 0.5%.
In a subdued market, shares of consumer durable companies were seen rallying ahead of the festivities that will kick off with Navaratri in mid-October. In the afternoon trade, the Nifty Consumer Durables index was up around 1 per cent, while the broader Nifty 50 traded over 0.5 per cent lower.
Of the 15 constituents that make up the Nifty Consumer Durables index, 11 stocks at the time of writing the copy were trading in green, while 4 stocks were in red.
Kajaria Ceramics emerged as the top gainer within the pack, with gains of around 4 per cent. Shares of Titan, TTK Prestige, Relaxo Footwears, Blue Star, Whirlpool, Voltas, Bata India, and Orient Electric traded with gains in the range of 0.5–1.75 per cent. On the other hand, Dixon Technologies, Havells, V-Guard Industries, Rajesh Exports, Crompton Greaves Consumer Electricals, and Amber Enterprises were among the losers from the sector.
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HDFC Securities, in its report dated September 21, said that it expects the tile industry to witness improved domestic demand from the second half of FY24. Also, it sees the tile export momentum to sustain, which shall enable the companies within the segment to pass on the inflationary pressure, resulting in margin improvement year-on-year in FY24E.
Brokerage firm Motilal Oswal Financial Services holds a bullish view on the jewellery retailer Titan Company and retained its buy rating on the counter with a target price of Rs 3,570, implying potential gains to the tune of 12 per cent from the current market price of Rs 3,196.
“Given its sub-10% market share in jewellery and the struggles of unorganised and other organised peers, we see a promising growth outlook for Titan,” said the brokerage in its report dated September 8.
The company has a strong runway for growth in the consumption space in India, with robust earnings growth visibility and compounding for the long term, the report added.