Stocks

Titan Co falls as jewellery unit falters on pricey gold

Reuters August 7 | Updated on August 07, 2019 Published on August 07, 2019

From an iconic television commercial for Tanishq jewellery

Shares of jewellery-to-watchmaker, Titan Company Ltd, fell as much as 4.7 per cent to Rs 998 - their lowest since February 1.

The company has reported a higher June-quarter profit, but says growth in its jewellery business was adversely impacted by high gold prices.

“Macro-economic environment, coupled with lower consumption, have impacted some of our businesses,” the company said in a statement after the earnings announcement.

Gold prices have been rising since the beginning of the trade war between the US and China; prices touched a six-year high on Wednesday.

The company's biggest business is in jewellery, where it owns popular brand 'Tanishq'. The broader market was little changed, rival PC Jeweller Ltd was up 1 per cent.

Published on August 07, 2019
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