Factoring in the margin beat in Jewellery and the management's positive outlook on margins, we increase our FY19/20E earnings by 5-8%. However, current valuations at 47x FY20E earnings captures most of the positives. We maintain HOLD with revised TP of Rs990, valuing Titan at 45x June'20E EPS. Jewellery margins propel earnings growth: Titan's reported Jewellery revenue growth was muted at 13%. But, retail sales growth was healthy at 19%. Despite the lower reported revenue, Jewellery EBIT growth at 60% was higher than expectation due to strong margin expansion of 400bps to 13.7%, aided by higher studded share at 36% vs 33% in Q4FY17,...