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
  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.