 "BSE Consumer Durable index hits record high")
Shares of consumer goods companies were in focus with the S&P BSE Consumer Durable index hitting its record high by rising nearly 4% in today's trade.
Titan Company, Symphony and PC Jeweller from the index were up more than 3% each after Titan reported better-than-expected October-December (Q3) earnings despite some headwinds on account of demonisation.
At 10:44 am; the S&P BSE Consumer Durable index, the largest gainer among sectoral indices, was up 3% or 416 points at 13,532 as compared to a marginal 0.05% rise in the S&P BSE Sensex. The consumer index hit an intra-day high of 13,602, also its record high.
Titan Company has rallied 10% to Rs 431 after reporting 13% year on year (YoY) growth in net profit at Rs 256 crore for Q3FY17. Total income from operations grew 14% at Rs 3,926 crore on YoY basis.
The company said a good festival and wedding season contributed to growth in retail sales.
Mr. Bhaskar Bhat, Managing Director of the company stated that 'The third quarter was an extremely encouraging quarter for the Company. Despite initial headwinds on account of demonetization, the company clocked a growth of over 14% and a profit before tax (PBT) growth of 21%.
The festival season was very good for both our jewellery and Watches business. Our effort continues therefore to be one of generating demand, through new product introductions and network expansion while retaining our focus on cost control, added Bhat.
Meanwhile, Motilal Oswal Securities maintained ‘Neutral’ rating on the stock with target price of Rs 420 on Titan Company.
“We make minor adjustments to FY18E/FY19E EPS as higher tax rate guidance offsets increase in EBITDA forecasts. Even as we expect earnings CAGR of 13.7% over FY16-19E (4% over FY12-16) on a lower base and healthy contribution of Golden Harvest scheme (GHS), we see risks from the uncertain demand environment,” the brokerage firm said in Q3FY17 result update.
Vaibhav Global has zoomed 18% to Rs 385 after the company reported nearly doubled its consolidated net profit at Rs 22.28 crore in Q3FY17. It had profit of Rs 11.62 crore in a year ago quarter.
Titan Company, Symphony and PC Jeweller from the index were up more than 3% each after Titan reported better-than-expected October-December (Q3) earnings despite some headwinds on account of demonisation.
At 10:44 am; the S&P BSE Consumer Durable index, the largest gainer among sectoral indices, was up 3% or 416 points at 13,532 as compared to a marginal 0.05% rise in the S&P BSE Sensex. The consumer index hit an intra-day high of 13,602, also its record high.
Titan Company has rallied 10% to Rs 431 after reporting 13% year on year (YoY) growth in net profit at Rs 256 crore for Q3FY17. Total income from operations grew 14% at Rs 3,926 crore on YoY basis.
The company said a good festival and wedding season contributed to growth in retail sales.
Mr. Bhaskar Bhat, Managing Director of the company stated that 'The third quarter was an extremely encouraging quarter for the Company. Despite initial headwinds on account of demonetization, the company clocked a growth of over 14% and a profit before tax (PBT) growth of 21%.
The festival season was very good for both our jewellery and Watches business. Our effort continues therefore to be one of generating demand, through new product introductions and network expansion while retaining our focus on cost control, added Bhat.
Meanwhile, Motilal Oswal Securities maintained ‘Neutral’ rating on the stock with target price of Rs 420 on Titan Company.
“We make minor adjustments to FY18E/FY19E EPS as higher tax rate guidance offsets increase in EBITDA forecasts. Even as we expect earnings CAGR of 13.7% over FY16-19E (4% over FY12-16) on a lower base and healthy contribution of Golden Harvest scheme (GHS), we see risks from the uncertain demand environment,” the brokerage firm said in Q3FY17 result update.
Vaibhav Global has zoomed 18% to Rs 385 after the company reported nearly doubled its consolidated net profit at Rs 22.28 crore in Q3FY17. It had profit of Rs 11.62 crore in a year ago quarter.
| COMPANY | LATEST | PREV CLOSE | GAIN(%) |
| TITAN COMPANY | 423.30 | 393.40 | 7.60 |
| SYMPHONY | 1368.95 | 1307.95 | 4.66 |
| PC JEWELLER | 390.05 | 378.20 | 3.13 |
| NILKAMAL LTD | 1711.00 | 1673.80 | 2.22 |
| Consumer Durable Index | 13532.00 | 13116.27 | 3.17 |
| S&P BSE Sensex | 28332.00 | 28335.16 | -0.01 |
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