Titan Company shares surged 2 percent on Thursday, April 20, as the company plans to expand its retail footprint with the addition of 140 to 150 stores during financial year 2024 (FY24). This aggressive expansion plan covers four of the company's jewellery brands-Tanishq, Mia, CaratLane, and Zoya.
During Thursday’s trade, the stock opened at a price of Rs. 2,577.65 per share against the previous close of Rs. 2,569.30 and grew further during the early trading session to touch an intraday high of Rs. 2,619 per share. It was trading at ₹2,598.60, up by 1.14 percent, at 10:30 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 42 percent above its 52-week low and 6.8 percent below its 52-week high.
The stock has surged over 5 percent in the last one month. However, in the last six months, it has given a negative return of almost 2 percent. Furthermore, the stock has increased by nearly 171 percent in the last five years.
The Tata company is set to expand its store network this year, with an estimated 140 new stores being added and 25 existing stores being renovated. This follows last year's successful expansion, where a similar number of stores opened.
In other news, on the auspicious occasion of Akshaya Tritiya, Tanishq has unveiled a new range of earrings in gold and diamond, ranging from Rs. 50,000 to Rs. 100,000. In addition to this, the company has also launched a new collectible coin range inspired by the grandeur of the Chola Dynasty. This unique offering is sure to appeal to connoisseurs who appreciate the rich heritage and culture of the period.
In Q4, the company reported healthy double-digit growth across its key businesses. It 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.
Titan 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.
