We expect the Titan stock to remain volatile and mostly weak in the backdrop of the recent announcement by the government that it is looking at ways to curb import of non-essential' items. We do not expect RBI or the government to create disruptions of the kinds they did in 2013 (see Exhibits 1-3 for chronology of events, their impact on Titan's stock price), which in hindsight did no material damage to Titan's business-model but did severely impact stock performance in the interim. Ceteris parabus, any sharp fall in stock price on account of nervousness around government or RBI's current account deficit control measures should be used as a buying opportunity - Titan's intrinsic value would be impacted if and only if RBI's...