Titan drops on profit booking

Titan Company lost 1.26% to Rs 242.25 at 14:45 IST on BSE, with the stock sliding on profit booking after recent rally after the firm said it has entered into a joint venture agreement with a Netherlands firm viz. Montblanc Services B.V.

Meanwhile, the S&P BSE Sensex was up 87.62 points or 0.42% at 21,074.61.

On BSE, so far 72,000 shares were traded in the counter as against average daily volume of 1.83 lakh shares in the past one quarter.

The stock hit a high of Rs 246.70 and a low of Rs 240.75 so far during the day. The stock had hit a 52-week low of Rs 200 on 13 June 2013. The stock had hit a 52-week high of Rs 302 on 30 May 2013.

The stock had outperformed the market over the past one month till 26 February 2014, surging 12.24% compared with the Sensex's 0.69% fall. The scrip had also outperformed the market in past one quarter, jumping 9% as against Sensex's 2.75% rise.

The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Re 1.

Shares of Titan Company had rallied 4.87% in three trading sessions to settle at Rs 245.35 on Wednesday, 26 February 2014 from a recent low of Rs 233.95 on 21 February 2014. The stock market was closed on Thursday, 27 February 2014, on account of Mahashivratri.

Titan Company after market hours on Wednesday, 26 February 2014 said it has entered into a joint venture (JV) agreement on 26 February 2014 with Montblanc Services B.V, Netherlands for establishing operations in India for carrying on single brand retail trade.

Titan Company's net profit fell 18.8% to Rs 165.57 crore on 11.1% decline in net sales to Rs 2650.46 crore in Q3 December 2013 over Q3 December 2012.

Titan Company retails branded gold jewellery under the brand name Tanishq. It sells watches under a premium brand Titan and economy brand Sonata.

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