Titan Company share hits 52-week high for 2nd session, here's why
BusinessToday.In November 20, 2020
Titan Company share touched a fresh 52-week high for the second consecutive session today after the luxury goods firm announced that it saw good traction across all its businesses during the festive season.
Following the development, Titan share gained 4.61% intraday and made a fresh 52-week high of Rs 1352 against the previous close of Rs 2,983 on BSE.
Titan stock price has risen 4.43% in the last 2 days of consecutive gains.
Titan Company is trading higher than 5, 20, 50, 100, and 200-day moving averages. The stock price of Titan has risen 3.5% in one week, 8% in one month, and 12% since the beginning of the year.
Market capitalisation of the firm stood at Rs 1.18 lakh crore as of today's session.
"The jewellery business witnessed a mid-teens growth (around 15%) for the 30-day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded jewelry sales. The watches and wearables business also did quite well in the festive season with recovery close to last year's levels. Eyewear business has also witnessed good traction," Titan Company said.
As per the filing, the company's watches and wearables business also did quite well in the festive season with recovery close to last year's levels, and its eyewear division has also recieved good traction.
The firm had posted its Jully- Sept earnings in the last week of October. Titan reported a 37.8% YoY fall its standalone net profit to Rs 199 crore for the quarter ended September 30, as against a net profit of Rs 320 crore in the corresponding period of the preceding fiscal.
During the quarter under review, Titan's total income stood at Rs 4,389 crore, down 1.72% as against Rs 4,466 crore in the corresponding quarter in the previous year, while its total expenses were recorded at Rs 4,151 crore as against Rs 4,037 crore in a year-ago period.