Titan scales record peak as easing virus curbs boost second-quarter sales

Reuters BENGALURU | Updated on October 07, 2021

Shares of Titan gained as much as 9.3% to ₹2,347.40

Shares of watch and jewellery maker Titan Company Ltd hit a record high on Thursday, as the company saw strong revenue growth in the second quarter across most of its businesses boosted by a gradual reopening in the country.

The Tata Group-owned company reopened most of its stores, as a fall in coronavrius cases and easing pandemic restrictions led to a recovery in demand, with sales moving “swiftly above or close to pre-pandemic levels in most of the divisions,” the company said in a statement on Wednesday.

Titan's flagship jewellery brand, ‘Tanishq’, saw second-quarter revenue grow 78%, as purchasing of gifts, buying for special occasions and milestones, weddings and investments in gold surged.

Also read: Tanishq aims to attract customers with ‘digital gold’

A correction in local gold prices to their lowest level in nearly six months has also prompted jewellers to step up purchases for the festive season, a government source told Reuters on Monday.

“While we anticipated (Titan) to report strong revenue growth, (the second-quarter performance) is significantly ahead of our and street expectations,” JP Morgan said in a research note, raising its price target on the company to ₹2,320($31.02) from ₹2,000 earlier.

Shares of Titan gained as much as 9.3% to ₹2,347.40 ,and were up 8.0% at 0430 GMT.

Published on October 07, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like