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Shares of the luxury products company Titan (NS: TITN ) surged over 5% in a weak market on Friday and were trading 5.08% higher at Rs 2,724.55 apiece, compared to benchmark equity indices, down 0.5% each.
The mega-cap stock was the best performer on both headlines Nifty50 and Sensex , with the closest second stock Maruti Suzuki (NS: MRTI ), up 1.1% on the 30-scrip index. The heavyweight’s shares neared their all-time high value of Rs 2,768 apiece on Friday.
The jump in Titan’s shares was led by stellar growth in sales reported by the company for the quarter ending September. Its overall sales grew by 18% on a YoY basis during the quarter and reported healthy double-digit growth across most businesses.
The Tata Group company’s jewellery division, which contributes 85% to its overall revenue grew 18% YoY in Q2, thanks to a high base and spillover purchases of a Covid-disrupted Q1FY22.
The company expanded its retail stores by adding 105 stores (net) during the quarter. It also continues going ahead with an optimistic outlook for the festive season, which is visible in positive consumer sentiment across categories, the company added.
Titan’s watches and wearables segment recorded its highest quarterly revenue in Q2 FY23, growing 20% YoY.
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October 08, 2022
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