Titan slumps after earnings; downgrades from brokers

Reuters Market Eye - Titan Co Ltd shares fall 4.5 percent after the company said September-quarter net profit rose by 4 percent to 1.87 billion rupees, missing some analysts estimates.

* HSBC downgrades Titan to "neutral" from "overweight", while maintaining its target price of 280 rupees, citing weak operating performance and outlook after the earnings

* The investment bank says while the operating performance and outlook may be perceived as weak by the Street, some expectations such as Titan managing to get RBI permission to hedge gold internationally and to use direct import licence may help the stock at these levels.

* Also, Jefferies cuts its rating on Titan to "hold" from "buy" and reduces price target to 285 rupees from 311 rupees.