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Titan Shares Rise As Company Cheers GST; Surge Record 94% This Year
With better sales prospects for branded tanishq jewellery on the backdrop of gst and increased network of the company, the stock price of the company has registered record values.
GST is said to ring in fresh demand for the company's Tanishq jewellery outlets and for the current FY the company estimates the sales to increase by 30%. Month on month the share has surged in price in the current year as against decline in the last two years.
The company is the largest branded jewellery maker by value and sees the surge in its stock price on the back of indirect tax overhaul as well as increased network. The shares reported record values even as price of bullion saw a downside.
In an interview, senior vice president for retail and marketing at the jewellery arm of Tata Group said, ""We are going to get more aggressive". The company on an expansion mode overseas is eyeing outlets in Singapore and Dubai . And also has plans to increase its footprint in the Indian subcontinent with the addition of 25-30 franchisee outlets on a year-on-year basis.
This year Titan's stock surged a substantial 94% and valuation of the company reached Rs. 563 billion.
Also, more interest in the branded jewellery by Tanishq is on the offing as government has introduced more measure of financial accountability as well as transparency. So, the otherwise customers who had a bias towards for small jewelers owing to the financial flexibility they offered will now see a shift in their gold buying pattern.
At 2:34 pm the Titan stock was trading higher by 3.74% at Rs. 630.05 on the BSE.
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