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Global brokerage house PhillipCapital downgraded its rating on Titan Company to neutral from buy and also cut price target to Rs 1,165 from Rs 1,200 earlier, citing weak jewellery demand in near term.

"We expect near-term jewellery demand to remain weak due to spike in gold prices, poor macroeconomic environment and hike in custom duty. September quarter will be the worst quarter for the entire jewellery industry," the investment firm said.

The brokerage cut its FY20-21 EPS estimates by 13-16 percent to account for subdued demand.

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Global brokerage house PhillipCapital downgraded its rating on Titan Company to neutral from buy and also cut price target to Rs 1,165 from Rs 1,200 earlier, citing weak jewellery demand in near term.

“We expect near-term jewellery demand to remain weak due to spike in gold prices, poor macroeconomic environment and hike in custom duty. September quarter will be the worst quarter for the entire jewellery industry,” the investment firm said.

The brokerage cut its FY20-21 EPS estimates by 13-16 percent to account for subdued demand.