Demand recovery, store expansion acceleration augurs well Titan's jewellery division continues to gain market share with better than industry performance. As per channel checks, regional jewellery players have reached ~85-90% of pre-Covid levels while Titan's jewellery division has surpassed pre-Covid levels in Q2FY22. With softening of gold prices (down 8% YoY) and healthy pent-up demand we expect Titan's jewellery revenue growth of 61% YoY (up 78% YoY, excluding bullion sales worth | 391 crore). The watches segment also witnessed a rapid recovery in...