scorecardresearchTitan Company rallies over 2% owing to healthy double-digit growth in Q4

Titan Company rallies over 2% owing to healthy double-digit growth in Q4

Updated: 10 Apr 2023, 11:47 AM IST
TL;DR.

Titan Company stock soared during Monday's trade, driven by a 25% year-over-year increase in revenue from watches & wearables and emerging business segments.

The stock has surged 8% in the past month and 161% in the last 5 years, with an average of 30 analysts giving it a 'BUY' call.

The stock has surged 8% in the past month and 161% in the last 5 years, with an average of 30 analysts giving it a 'BUY' call.

Titan Company Ltd. saw its stock price rise by 2.11 percent on Monday, April 10, as the company reported healthy double-digit growth across its key businesses.

The company announced a 25 percent increase in revenue year-over-year for the March quarter, largely due to strong performances by its watches & wearables and emerging business segments.

During Monday’s trade, the stock opened at a price of Rs. 2,568 per share against the previous close of Rs. 2,548 and grew further during the early trading session to touch an intraday high of Rs. 2,602 per share.

It was trading at 2,575.10, up by 1.05 percent, at 11:10 a.m. on the NSE.

The stock touched a 52-week high of Rs. 2,791 on October 31, 2022, and a 52-week low of Rs. 1,825.05 on July 1, 2022, indicating that at the current level, the stock is trading over 41 percent above its 52-week low and 7.7 percent below its 52-week high.

The stock has surged over 8 percent in the last one month. However, in the last six months, it has given a negative return of almost 4 percent. Furthermore, the stock has increased by nearly 161 percent in the last five years.

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Stock price chart of Titan Company

The company has reported steady growth in its retail store network as it closed out the fourth quarter with 2,710 stores, both domestically and abroad. This marks an expansion of the company's retail presence and further solidifies its position as a major player in the industry.

The watches and wearables division reported a 41 percent year-on-year growth, driven by the strong growth in analog watches and a nearly threefold increase in revenues from wearables.

"The robust performance was majorly led by buyer growths, both new and repeat, and an increase in ticket size. The large ticket purchases were led by a rich mix of high-value studded solitaires and a revival in wedding sales, enabled by healthy gold exchange contribution. The purchases at entry level and lower price bands saw normalization in buyer growth," the company said through an official filing.

Consumer purchase intent, which had been strong in January and February following the festive season, saw a relative softening in March due to a sudden spike in gold prices.

Titan Company is primarily involved in the manufacturing and sale of watches, jewelry, eyewear and other accessories and products. Part of the Tata Group and started as a joint venture with TIDCO, the company has its corporate headquarters in Bangalore.

According to a MintGenie poll, 30 analysts on an average have a ‘BUY’ call on the stock.

 

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First Published: 10 Apr 2023, 11:47 AM IST