Titan at 52-week high; rises 6.4% in two days

Titan Company surged 5.4% to Rs 1362.20, rising for second consecutive trading session.

The counter has gained 6.45% in two trading sessions from its previous closing low of Rs 1279.65 on 18 November 2020.

The stock hit a 52-week high of Rs 1364.1 in intraday today. It trades only 2% away from its record high of Rs 1389.85 posted on 25 October 2019. Shares are up 89% from their 52-week low of Rs 720 posted on 24 March 2020.

Titan was in spotlight after the company on Thursday (19 November) said that it saw good traction across all its businesses in the festive season.

The firm added that its jewellery business witnessed a mid-teens growth (around 15%) for the 30 day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded jewellery sales.

The watches and wearables business also did quite well in the festive season with recovery close to last year levels. Eyewear segment has also witnessed good traction, it added.

On a standalone basis, the company's net profit declined 37.8% to Rs 199 crore on 11% fall in net sales to Rs 3892 crore in Q2 September 2020 over Q2 September 2019.

Shares of Titan Company have surged nearly 21% in last three months, outperforming the Nifty 50 index which added 13.69% in the same period.

Titan Company is engaged in making and selling watches, jewellery, eyewear and others. The company's retail chain (including CaratLane) stands at 1,832 stores, as on 30 September 2020 with a retail area crossing 2.4 million sq ft for all its brands covering 290 towns.

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