Titan hits record high after strong Q2 earnings

Titan Company jumped 14.68% to Rs 756.20 at 10:47 IST on BSE after 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.

The result was announced after market hours on Friday, 3 November 2017.

Meanwhile, the S&P BSE Sensex was up 9.32 points or 0.03% at 33,694.88.

On the BSE, 9.17 lakh shares were traded on the counter so far as against average daily volumes of 99,335 shares in the past one quarter. The stock had hit a high of Rs 823.30 so far during the day, which is a record high. The stock hit a low of Rs 725.30 so far during the day. The stock had hit a 52-week low of Rs 296.30 on 21 November 2016.

The stock had outperformed the market over the past one month till 3 November 2017, advancing 9.99% compared with the Sensex's 6.95% rise. The stock had also outperformed the market over the past one quarter, gaining 18.27% as against the Sensex's 4.49% rise. The scrip had also outperformed the market over the past one year, advancing 75.07% as against the Sensex's 22.8% rise.

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

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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