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Shares of Titan Co jumped nearly 25 per cent to a record high of Rs 823.30 on strong results. The stock posted its biggest intraday pct gain since October 31, 2015.
The company reported a 67.44 per cent jump in its September quarter profit against the same period a year ago on strong sales in its jewellery business.
Consolidated net profit rose to Rs 277.93 crore in the three months to September from Rs 165.98 crore a year ago, the company had said in a BSE filing on Friday. Total revenues increased 29.56 per cent to Rs 3,517.70 crore from Rs2,714.98 crore a year ago.
Sales at its jewellery business segment, retailed mainly under the Tanishq brand name, were up 36.9 per cent at Rs 2,748.2 crore in the quarter.
According to HSBC analysts, Titan's aggressive jewellery strategy is delivering, and GST is a significant catalyst for long-term structural growth.
Deutsche Bank has raised the jewellery retailer's price target to Rs 900 from Rs 625 and forecast the company's earnings to double over FY17-19.
Up to Friday's close, the stock had doubled this year.
(With inputs from Reuters)
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