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Shares in jewellery maker Titan Co Ltd
Gold eased on Friday on profit-taking after posting its biggest one-day rise in nine months, but the safe-haven metal was trading near April highs and set for its best week in three months on geopolitical tensions and a softer dollar.
Bank of America maintains its "buy" rating on the stock and raises its target price to Rs 406 from Rs 360, citing positive cash flow impact from the restart of gold leasing.
The investment bank also says Titan has sharper growth and better return ratios ahead and can sustain its premium valuations compared with China's Chow Tai Fook Jewellery Group on which it has an "underperform" rating.
