Titan drops on profit taking

Titan Company lost 2.45% to Rs 765.35 at 11:44 IST on BSE, with the stock sliding on profit booking after Monday's rally triggered by the company reporting strong Q2 earnings.

Meanwhile, the S&P BSE Sensex was down 76.26 points or 0.23% at 33,654.93.

On the BSE, 2.02 lakh shares were traded on the counter so far as against average daily volumes of 1.07 lakh shares in the past one quarter. The stock had hit a high of Rs 783 and a low of Rs 761.95 so far during the day. The stock had hit a record high of Rs 823.30 yesterday, 6 November 2017 and a 52-week low of Rs 296.30 on 21 November 2016.

The stock had outperformed the market over the past one month till 6 November 2017, advancing 31.42% compared with the Sensex's 6.03% rise. The stock had also outperformed the market over the past one quarter, gaining 28.52% as against the Sensex's 4.35% rise. The scrip had also outperformed the market over the past one year, advancing 112.9% as against the Sensex's 23.67% rise.

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

Shares of Titan Company had surged 18.98% in a single trading session to settle at Rs 784.55 yesterday, 6 November 2017, after the company reported strong Q2 September 2017 results after market hours on Friday, 3 November 2017.

Titan Company's consolidated net profit surged 67.4% to Rs 277.93 crore on 29.6% growth in net sales to Rs 3473.07 crore in Q2 September 2017 over Q2 September 2016.

Bhaskar Bhat, Managing Director, Titan Company, said that jewellery business was impacted by the new PMLA regulations at the beginning of the quarter but the roll back, just before the festive season provided a boost to the business. The watches business also witnessed growth across most channels with the festive season buildup appearing very encouraging, he added.

Titan Company's main business lines are watches, jewellery and eyewear.

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