Titan Company Ltd shares are under pressure on the back of Prime Minister Narendra Modi’s call for Indians to conserve fuel, avoid unnecessary foreign travel and even postpone non-essential gold purchases. Titan shares slumped over 7.5% to trade at around Rs 4,165.60 apiece, as of 10:15 am.

Of the 37 analysts tracking this stock, 28 have a ‘buy’ call, six have a ‘hold’ call, and three have a ‘sell’ call on Titan.

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This is after brokerages turned more constructive on Titan after the jewellery and lifestyle retailer delivered a stronger-than-expected March quarter, driven by resilient demand despite sharply higher gold prices. The company reported a 35% year-on-year rise in consolidated net profit to Rs 1,179 crore, while revenue surged 80% to Rs 26,920 crore, aided by robust jewellery and bullion sales. Management also guided for strong growth in the first half of FY27, reinforcing confidence that demand remains healthy even in a volatile gold-price environment.

Goldman Sachs on Titan

• Goldman Sachs maintains a Buy rating and hikes the target price to Rs 5,400 from Rs 5,000.
• Q4 delivered a margin beat along with strong sales growth guidance in the jewellery business.
• Jewellery EBIT growth is expected to remain healthy.
• Watches and Eyewear continued to deliver steady performance.

Citi on Titan

• Citi maintains a Neutral rating and raises the target price to Rs 5,075 from Rs 4,750.
• Jewellery revenue growth was supported by healthy demand momentum.
• Jewellery margins contracted materially due to higher bullion prices and transfer pricing impact.
• Management highlighted front-loading of wedding purchases amid rising gold prices.
• Competitive intensity and an unfavourable product mix weighed on profitability.
• Near-term demand outlook remains resilient.

HSBC on Titan

• HSBC retains a Buy rating and raises the target price to Rs 4,930 from Rs 4,510.
• Q4 was strong, with underlying strength in the jewellery business despite elevated gold prices.
• Reported revenue beat was supported by high bullion sales.
• The brokerage raises FY27–28 EPS estimates by 3–5% on the back of strong jewellery performance.
• Management expects H1FY27 growth to exceed 30%.
• Growth is likely to moderate in H2FY27 due to a high base and uncertainty around gold prices.

JPMorgan on Titan

• JPMorgan upgrades Titan to Overweight from Neutral and raises the target price to Rs 5,400 from Rs 4,700.
• The brokerage views Titan as a moat-led compounder with strong brand strength and execution.
• Q4 marked a strong FY26 exit, with broad-based growth across segments.
• The jewellery business continues to benefit from structural tailwinds.
• Buyer growth recovery, wedding purchases and higher studded traction supported execution.
• Management is targeting 15–20% medium-term growth.
• Domestic jewellery margins are expected to sustain at around 11%.
• JPMorgan raises FY27–28 EPS estimates by 4–5%.
• Valuations appear attractive relative to peers such as Avenue Supermarts, Trent and Nykaa.

Morgan Stanley on Titan

• Morgan Stanley maintains an Overweight rating and raises the target price to Rs 5,212 from Rs 5,102.
• Q4 results beat expectations, with operating performance ahead of estimates.
• Jewellery growth was driven by healthy demand momentum.
• Rising gold prices continued to support customer interest and higher ticket sizes.
• Management reiterated confidence in sustained double-digit jewellery revenue growth.
• Margins are expected to remain well supported.

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Motilal Oswal Report

Motilal Oswal reiterates its Buy rating on Titan Company Ltd. with a target price of Rs 5,300, based on 60x Mar’28E earnings per share.

Titan, with its superior competitive positioning in sourcing, studded ratio, youth-centric focus, and reinvestment strategy, continues to outperform other branded players. Its brand recall and business moat are not easily replicable; therefore, Tanishq’s competitive edge will remain strong in the category.

The store count reached 3,473 as of Mar’26, and the expansion story remains intact. The non-jewelry business is also scaling up well and will contribute to growth in the medium term.

Apart from industry formalisation, stability in gold prices can further improve margin visibility for Titan.

Overall, the brokerage remains constructive on jewelry industry growth for top players, and Titan, being the bellwether with superior historical execution track record, will benefit the most.

The brokerage models a compound annual growth rate of 15% in sales, 20% in Ebitda, and 24% in adjusted profit after tax over FY26-28E.

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US President Donald Trump will pay a state visit to China from May 13 to May 15 at the invitation of Chinese President Xi Jinping, a spokesperson from the Chinese Ministry of Foreign Affairs (MFA) said.

Senior US officials have indicated the meeting between both leaders will address several high-stakes topics, including Taiwan, Iran, AI technology and nuclear arms. The talks are also expected to focus on whether both nations will continue their strategic critical minerals pact, according to Reuters.

After more than half a year without direct talks, the leaders of the United States and China are preparing for a face-to-face meeting aimed at preventing further deterioration in ties strained by trade tensions and geopolitical conflicts, including the US-Israeli conflict with Iran.

Trump is expected to land in Beijing on Wednesday. This is the first time in nearly a decade that Trump will be visiting China.

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Trump-Jinping Meet: What To Expect?

https://x.com/ANI/status/2053660557723783608?s=20

Economic relations are likely to dominate talks between Trump and Xi Jinping, with both sides expected to explore greater investment opportunities. Washington has recently pushed what strategy analysts refer to as the “Five B’s”, centred on Chinese imports of Boeing jets, US agricultural products such as beef and soybeans, and the formation of trade and investment panels designed to separate low-risk economic cooperation from sensitive security issues, reported The New York Times.

Beijing’s negotiating priorities have centred around the “Three T’s”: tariffs, technology and Taiwan, with China maintaining its longstanding claim over the island. Chinese officials are expected to seek continuation of the trade truce reached last year while urging the United States to relax restrictions on advanced chip exports that China sees as vital for economic and industrial progress. Jinping is also expected to raise concerns over Washington’s ties with Taiwan during discussions with Trump.

According to an official cited by Reuters, US and China may formally introduce plans for new trade and investment bodies at the upcoming meeting, but the mechanisms would likely need additional refinement before implementation. Discussions are also set to include the future of the trade ceasefire that currently permits the export of Chinese rare earth minerals to the US, although it remains uncertain whether an extension will be agreed upon this week.

A senior White House official, speaking to reporters on condition of anonymity on Sunday, indicated that Trump could push China more aggressively over its economic dealings with Iran, including oil purchases and the supply of products that may have both military and civilian uses. The comments came days after US Treasury Secretary Scott Bessent alleged that China was “funding” Tehran, Al Jazeera reported.

China’s relationship with Russia could emerge as another major topic during the talks.

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“The ‌President has ⁠spoken multiple times with General Secretary Xi Jinping about the topic of Iran and about the topic of Russia, to include the revenue that China provides to both those regimes, as well as dual-use goods, components and parts, not to mention the potential of weapons exports. I expect that conversation to continue,” an official said as per Reuters. 

Trump has frequently highlighted his personal rapport with Xi Jinping, often referring to him as “a friend”, while signalling hopes of attracting increased Chinese investment into the United States. However, analysts remain sceptical that the talks will produce a sweeping economic breakthrough, with more limited agreements and an extension of last year’s trade truce viewed as the most realistic outcome.

“The entire world will be hoping that the two leaders can reach agreement on at least a subset of issues … and find ways to prevent any further escalation of tensions on the remaining ones,” Eswar Prasad, professor of economics at Cornell University, told CNBC.

The previous face-to-face meeting between Trump and Jinping took place in South Korea last October, where both leaders agreed to halt an escalating trade conflict marked by steep US tariffs on Chinese imports and Beijing’s threat to curb rare earth exports.

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