Titan slips 1% after Morgan Stanley downgrades stock to 'equal weight'

Thus far in the calendar year, the stock has outperformed the market by surging 43 per cent, as compared to a 10 per cent rise in the benchmark S&P BSE Sensex till Wednesday.

Titan Company shares dipped 1.5 per cent to Rs 1,308 in early morning trade on the BSE on Thursday after global brokerge firm Morgan Stanley downgraded the stock from 'Overweight' to 'Equal Weight'.

The financial services firm cited its reluctance to push multiples beyond current levels and less room for positive surprises from Titan in coming quarters as the reasons for the downgrade, as per a report by CNBC TV18.

However, "the company (Titan) is one of our favourite long-term plays", Morgan Stanley said, adding that it sees balanced risk-reward from the stock at current market price.

Titan Company's main