Titan overcomes demonetisation blues; stock zooms 9%
DSIJ Intelligence / 08 Feb 2017
Tata Group-owned watch & jewellery maker, Titan Company jumped more than 9 per cent on the bourses after company reported a stellar set of quarterly result, despite facing strong headwinds in demonetisation and overall demand slowdown.
Tata Group-owned watch & jewellery maker, Titan Company jumped more than 9 per cent on the bourses after company reported a stellar set of quarterly result, despite facing strong headwinds in demonetisation and overall demand slowdown.
Overcoming the demonetisation impact, Titan posted an impressive 14.7 per cent increase in its revenue from operations, largely supported by good festive demand and wedding season.
Last year in Q3 results, a growth of 5.1 per cent was witnessed in the income from watches, as it amounted to Rs 508.26 crore, and the jewellery business recorded a growth of 15.4 per cent.
There was a lot of apprehension about the demand getting affected by the negative impact of demonetisation as it led to squeezing of demand in an already muted market. However, despite all the problems, the company posted strong numbers.
Going forward as cash crunch situation normalises, the company is likely to perform better.
Reacting to the numbers, the stock was trading with gains of over 9 per cent at Rs 427.35 on NSE.
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