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| Titan dazzles on strong earnings |
| BS Reporter / Mumbai Feb 01, 2010, 15:51 IST |
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Titan Industries surged further to a new 52-week high of Rs 1,716 - up 14.5% from the previous close. The stock finally ended witha huge gain of 13.5% at Rs 1,704. Over 1.4 lakh shares were traded on the BSE as against a two-week daily average trade of 13,000 shares.
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(Updated at 1051 hrs)
Titan Industries has zoomed 9% after reported three-fold rise in net profit for Q3FY10. The company posted 225% jump in net profit to Rs 78 crore in Q3FY10 against Rs 24 crore in same quarter previous year.
The company has posted Rs 202 crore net profit between April-December 2009, and has surpassed its entire FY09 net profit of Rs 170 crore, in the first nine months of FY10.
The stock opened at Rs 1,515, touched a high of Rs 1,645 and is now up 9% at Rs 1,639 on the BSE. Around 36,000 shares have changed hands at the counter so far.
The company managed to post healthy growth in net profit mainly due to the good festival season. The growth in profits has also been driven by several cost control initiatives implemented across the company.
The company is engaged in retail branded jewellery under the brand name 'Tanishq', has reported 30% rise in net sales to Rs 1,334 crore in Q3FY10 against Rs 1,024 crore in previous year quarter. The net sales of the company increased by 14% to Rs 3,363 crore (Rs 2,923 crore) in first nine months ended December, 2009.
The stock is currently trading at price-earnings (P/E) multiples of 32.29 on its trailing twelve months EPS of Rs 51.
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