Shares in Titan Industries Ltd up 8.2 percent after Deutsche Bank upgraded the stock to "buy" from "hold" after the jewellery maker's April-June results.
The brokerage said the Reserve Bank of India's recent measures to tighten gold imports seem to have had little impact on organised retail players in the country, drawing comfort from Titan's positive earnings.
"We continue to believe that organized players like Titan could get preference over unorganized players to get access to the imported gold for domestic sales due to their better relations with the nominated agencies/banks," the brokerage noted.
With an eye on the widening current account deficit, the RBI has taken several measures this year to curb demand for bullion, including making imports difficult for jewellers.
Titan on Thursday reported April-June quarter net profit of 1.82 billion rupees, up from 1.56 billion rupees a year earlier.