Shares of Titan gains over 4% as company returning to normalcy

Shares of Titan on Wednesday gained over 4 per cent after the company said its business has been returning to normalcy led by recovery of sales in its jewellery division in the second quarter of the current fiscal.

The stock jumped 4.44 per cent to close at Rs 1,253.20 on the BSE. During the day, it rose by 5.65 per cent to Rs 1,267.80.

Titan was the top gainer in the Sensex pack.

On the NSE, it gained 4.50 per cent to settle at Rs 1,253.90.

On volume terms, 3.14 lakh shares were traded on the BSE and over 94 lakh

on the NSE.

The company had reported an unprecedented net loss of Rs 297 crore in the April-June quarter due to the COVID-19 pandemic.

"The company's return to normalcy on the business front has been progressing well with the almost complete lifting of restrictions in phased manner over last few months across the country," Titan said in its quarterly update.

Titan said business through the e-commerce channel has grown significantly across all divisions.

As the sales are reviving at a healthy pace, the network expansion has also resumed, the company added.

Titan said the jewellery division did very well in the second quarter, with a recovery rate of around 98 per cent (excluding sale of raw gold), compared to the revenue of the same quarter in last year.