Titan's jewellery business to get back its shine: Titan derives 80% of its revenues from jewellery business. Titan has 4% market share in gold jewellery & 7% market share in diamond segment. We expect H2FY16E & FY17E to be better on the back of festive season, lower gold prices and GHS to support the revenues. Titan management has taken initiatives such as reducing its making charges from 12% to 8% in order to overcome the stiff competition especially in southern markets, re-launch of Golden Harvest Scheme, launch of designer collections and roping in Deepika Padukone as brand ambassador for Tanishq.