Watch business under pressures, trade channel will ease another 2/3 months We are cutting FY20, FY21 and FY22 EPS estimates by 2.9%, 4.9% and 7.4% following 1) tepid consumer demand following 20.6% higher gold prices 2) 5% decline in jewellery grammage despite 16% higher number of stores and 12% higher area and 3) trade issues in watch business and 4) sudden loss of...