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Why Titan Company share hit seven-month high today

Titan Company share price hit an intra day high of Rs  1267.8 against previous close of Rs 1199.95 on BSE

twitter-logoBusinessToday.In | October 7, 2020 | Updated 18:08 IST
Why Titan Company share hit seven-month high today
Titan share closed 4.44% or Rs 53 higher at Rs 1253.20.

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.

It has gained 5.52% since the beginning of this year and fallen 0.49% in one year.

Sensex ends 304 points higher, Nifty at 11,738; Titan, ONGC, Bajaj Auto top gainers

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.

Eyewear business had a recovery rate of 58 percent in Q2 and 70 percent in September. The company added 14 Tanishq stores on net basis in the current fiscal, Titan added in an exchange filing.

This stock turned Rs 1 lakh into Rs 6 lakh in six months, hit all-time high today

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