Titan Company share price fell over 4% and was the top Sensex loser in early trade today. The large cap stock which is also part of ace investor Rakesh Jhunjhunwala's portfolio lost 4.18% to Rs 942 in early trade compared to the previous close of Rs 984 on BSE. The gems and jewellery maker's stock has fallen after three days of consecutive gain.
Market cap of the firm fell to Rs 86,159 crore on BSE. Later, the stock recovered most losses and closed 1.37% or 13 points lower at Rs 970.50 on BSE. The stock hit 52-week high of Rs 1389 on October 25, 2019 and 52-week low of Rs 720 on March 24, 2020. Total 1.70 crore shares changed hands amounting to turnover of Rs 16.27 crore on BSE.
The share 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 lost 22.53% one year and fallen 18% since the beginning of this year.
In one month, the share has gained 8.87%. Big bull Rakesh Jhunjhunwala and wife Rekha Jhunjhunwala cut their stake in the stock of gems and jewellery maker Titan Company to 5.53 per cent for the quarter ended March 2020. They held nearly 5 crore shares of the firm in fourth quarter.
The company will announce its earnings for quarter ended March 2020 and FY20 on June 8. 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.
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. PM Modi announced countrywide lockdown on March 24 to contain the rising number of coronavirus cases."
Titan Company's business has been hit by coronavirus crisis, the firm said in April. 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.
Its watches division grew by 1% despite the significant loss of sales in the month of March. Ecommerce was the fastest growing channel for both Q4 and full year, the company added in its Q4 update. The quarter commenced well with the growth largely in line with our targets till the beginning of March, Titan Company said.