Titan Company share price rose in trade today a day after the large cap stock lost 10% on Q2 earnings of the firm. Titan Company share has risen after four days of consecutive fall on value buying. Titan Company stock opened marginally higher at Rs 1,163 against previous close of Rs 1,156 on BSE. The large cap stock rose 1.98% to Rs 1,178.90 on BSE. On NSE too, the stock rose 1.98 % to reach intra day high of Rs 1,179.
Titan Company stock has gained 36% during last one year and risen 25% since the beginning of this year. However, the stock has lost 12.59% in last one month on subdued performance in the jewellery business after gold prices hit all-time high in August.
On Wednesday, the stock closed 9.65% lower at Rs 1160 compared to the previous close of Rs 1283 on BSE. It fell up to 10.43% to Rs 1150 intra day. Titan Company investors lost Rs 11,350 crore in wealth yesterday.
The fall in the stock price came after the firm announced reduction in growth guidance of jewellery business from 20% to 11-13%. Jewellery growth guidance was trimmed due to muted 10% growth during the festive season against the pick-up seen in August and September 2019, the firm said during its Q2 earnings announcement.
The firm reported a 1.8 per cent year-on-year (YoY) growth in standalone net profit at Rs 320.16 crore for the second quarter ended September 30, 2019 against standalone net profit of Rs 314.38 crore in the same quarter last year.
Revenue from operations during July-September quarter stood at Rs 4,435 crore, against last year's income of Rs 4,407 crore during the same period. Total income rose marginally by 0.7 per cent to Rs 4,466 crore in Q2FY20, from Rs 4,434 crore in Q2FY19.
Segment wise, jewellery business had a subdued quarter due to very high gold prices, recording revenue of Rs 3,528 crore as compared to Rs 3,582 crore last year.
By Aseem Thapliyal