Titan Company share closed higher ahead of the gems and jewellery maker's Q4 and FY20 earnings set to be announced later in the day. Share price of Titan Company gained 2.87% or Rs 28.45 higher at Rs 1,019 against previous close of Rs 991.05 on BSE.
Titan Company stock rose up to 7.46% to Rs 1065. The large cap stock has gained 5% during the period. Market cap of the firm rose to Rs 90,509 crore. The large cap stock trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
Share price of Titan Company has gained 22.37% in the last one month. The stock is down 14.15% since the beginning of this year and fallen 19.5% during last one year.
Total 2.97 lakh shares of the company changed hands amounting to turnover of Rs 30.60 crore. Q4 earnings of the firm assume significance as its business was hit by the coronavirus lockdown which started from March 25.
Titan had to close its stores across the country during the nationwide lockdown. In last week of May, the firm said it clocked nearly zero sales during the last two months of lockdown.
"In last 2 months, the company's operating cash flow was negative due to virtually zero sales during the first 6 weeks of lockdown, increase in mark-to-market cash outflow on gold hedge due to rising gold prices and committed costs being incurred,"the firm said. PM Modi announced countrywide lockdown on March 24 to contain the rising number of coronavirus cases.
The firm said it was working out its strategy to manage the crisis situation amid the coronavirus lockdown with particular focus on ensuring adequate liquidity.
In third quarter of previous fiscal, Titan Company reported a 12.9 per cent rise in net profit to Rs 470 crore against Rs 416.23 crore in the same period last year. Titan Company's sales gained 8.40 per cent to Rs 6,105.96 crore from Rs 5,632.45 crore in the same quarter an year ago.
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