Shares of jewelery and watch retailer – Titan Company – rose as much as 4.61 per cent to hit a fresh 52-week high of Rs 1,352 on the BSE after the company reported that its jewelery business recorded growth in festive season despite the ongoing Covid-19 pandemic.(Track Titan Company share price here)
The Bengaluru-based company in a note to stock exchanges said, “Titan Company saw good traction across all its businesses in the festive season. The jewelery business witnessed a mid-teens growth (around 15%) for the 30 day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded jewelery sales. The Watches and Wearables business also did quite well in the festive season with recovery close to last year levels. Eyewear business has also witnessed good traction. “
In the quarter ended September 2020, Titan Company reported an 89 per cent recovery in sales led by sharp recovery in the jewelery division post the significant disruption caused by the Covid 19 pandemic in India in the first quarter of the fiscal.
The total income for the quarter was Rs 4,389 crore, including sale of gold bullion to the extent of Rs 391 crore, resulting in a decline of less than 2 per cent compared to the income of Rs 4,466 crore for the same quarter in the previous year .
Shares of Titan Company have rallied 88 per cent from low of Rs 720 hit on March 24 when the nationwide lockdown was announced by the government to curb the spread of Covid-19 pandemic.
As of 12:11 pm, Titan was trading 3.51 per cent higher at Rs 1,338, outperforming the Sensex which was up 0.13 per cent.
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