Titan Company gains 5% as Q2 jewellery business meet expectations

Titan Company was trading 4.7% higher at Rs 812 against 0.96% decline in the S&P BSE Sensex at 10:20 am.

Shares of Titan Company was up 5% to Rs 814 on the BSE in otherwise weak market after the company said jewellery business in July-September (Q2) quarter picked up very well after a relatively soft growth in previous quarter.

The growth in the jewellery industry in the last few months has been challenging on the back of several factors like lesser number of wedding dates, increase in Gold prices, tightening of the credit to the industry, subdued consumer demand etc.

“Despite these challenges, our Jewellery business has done well due to gains in market share on the back of exciting new collection launches and extended diamond studded activation, resulting in good growth for the quarter that is in line with our internal expectations,” Titan Company said in Q2FY19 quarterly update.

The Company continued to execute well across all its businesses in the second quarter and witness the gains in market share on the back of well laid out strategies for each of its businesses. While the Watch business carried on its good run from the first quarter, the growth in the Jewellery business picked up very well after a relatively soft growth in Q1'19, it added.

Titan Company said the meeting of the board of directors of the company is scheduled on November 9, 2018 to consider and approve the unaudited financial results for the second quarter / half year ended September 30, 2018.

The stock hit an all-time high of Rs 1,006 on April 18, 2018 on the BSE in intra-day trade, had underperformed the market since then. Thus far in the current financial year 2018-19, Titan Company had fallen 18% as compared to 7% rise in the S&P BSE Sensex till Thursday.

At 10:20 am; Titan Company was trading 4.7% higher at Rs 812 against 0.96% decline in the benchmark index. A combined 2.81 million equity shares changed hands on the counter on the BSE and NSE so far.