Titan reaches 52-week high after strong Q3 update

Shares of Titan company gained significantly on the stock market on Wednesday after the company announced a positive quarterly update for Q3 FY 2020-2021.

The shares of Titan company hit a new 52-week high of 1,621.35 on the NSE and 1,620.95 on the BSE.

The company, in its quarterly update, announced that its jewellery division has crossed the recovery phase to the growth phase and other two large divisions have also moved “much closer” to the full recovery.

Titan had previously announced a 15 per cent growth in the 30-day festive period from Dussera to Diwali. The division was able to sustain the growth post festive period and has recorded close to 15 per cent growth (excluding sale of raw gold of- ₹334 er.) in Q3.

Also Read: Fragrances & accessories division of Titan Co sees ‘greenshoots’ of demand recovery

“The quarter also witnessed a well-rounded recovery with improvement in walk-ins and pick up of sale in metros, sub 1-lakh category and studded segment,” Titan said in its update.

Titan’s Watches & Wearables witnessed an 88 per cent recovery rate while the recovery rate of its Eyewear segment was around 92 per cent in Q3.

The shares of Titan company were trading at ₹1,584.90, up ₹13.95 or 0.89 per cent at 11:29 am against previous day’s close of ₹1,570.95 on the NSE. The shares were trading at an intraday high of ₹1,621.35 and an intraday low of ₹1,579.00.