Titan Company share ended higher today after the firm said its jewellery division saw a quarterly recovery rate of 98%, pushing its stock to a seven-month high and making it the top gainer on the Nifty 50. Titan Company share price hit an intra day high of Rs 1267.8 against previous close of Rs 1199.95 on BSE. Later, the share closed 4.44% or Rs 53 higher at Rs 1253.20.
The stock has gained 4.91% in the last 2 days. Titan Company share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Total 3.14 lakh shares changed hands amounting to turnover of Rs 39.25 crore on BSE. Market cap of the firm rose to Rs 1.11 lakh crore on BSE.
The company's jewellery division logged a recovery rate of around 98 percent. Its recovery rate in metro cities has been improving gradually while that in non-metros seem to have recovered substantially.
Sales in September were decent despite inauspicious period of 'shradh'. The company has sold raw gold of Rs 390 crore in Q2.
Watches and wearables had a recovery rate of around 55 percent in Q2 while the business saw a recovery of 70 percent in September, Titan Company said in a communication to exchanges.