Share price of watches and jewellery maker Titan Company jumped over 2 percent on January 6 morning after the company reported Q3 jewellery revenue growth at 11 percent.
The retail growth was much better at 15 percent. Fragrances business witnessed growth in excess of 20 percent.
“Retail sales in jewellery were better than expected at the beginning of the quarter, possibly due to a good wedding season and reasonable inelasticity of wedding jewellery, but growth in watches and eyewear were difficult to come by,” Titan said in a filing with exchanges.
However, the company on January 4 said its sales in December were hit due to protests in the North East and other parts of the country.
“Sales in all divisions in the second half of December were also impacted to some extent due to forced store closures due to the protests in the North East and in many other parts of the country,” the company said in a filing to the BSE.
The general economic slowdown in the economy leading to poor consumer sentiment and lower walk-ins has been a concern for the last few quarters, it said.
CRISIL has upgraded the company’s rating on the long-term bank facility to ‘CRISIL AAA/Stable’ from ‘CRISIL AA+/Positive.’
The stock price has risen over 24 percent in the last one year. It has touched an intraday high of Rs 1,170.00 and an intraday low of Rs 1,153.20.
News Source:- Moneycontrol