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Titan Shares Hit New Record High

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Extending gains for the eighth consecutive trading session, shares of Titan Company Ltd rose by 2 percent to hit a new all-time high of Rs 1,183.70 apiece on NSE. The stock has been on is longest gaining streak in two months.

Titan Shares Hit New Record High
 

The climb comes after the company reported robust results for the fourth quarter of financial year 2018-19 last week. It jewellery business' revenue grew by a solid 21.1 percent when compared to the same quarter last year.

Overall, Titan Company Ltd reported a standalone net profit of Rs 294.58 crore for the March 2019 quarter which is 4.42 percent higher than Rs 282.12 crore posted in the same quarter of the previous year.

Its profit before tax for the financial year 2018-19 grew at 22.7 percent to Rs 1,927 crore. "This was after 100 per cent provision for investments in inter corporate deposits amounting to Rs 145 crore made in IL&FS and impairment of investment in its Swiss subsidiary Favre Leuba, amounting to Rs 70 crore (exceptional item)," Titan Company said in a statement.

It reported a profit of Rs 1,374.36 crore for the whole year, over Rs 1,162.87 crore. Further, a dividend of Rs 5 per share was recommended by the company's board.

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