Titan Shares Surge After Company Reports Revenue Growth Of 11%

Shares of Titan in early morning trade were up after the company for the quarter ended December reported healthy revenue growth at 11% in its jewellery segment. The company's business from its perfume collection oversaw healthy growth of more than 20%. Retail growth also came in better at 15%.

Nonetheless on January 4, the company said its sales in the month of December were affected on account of anti-CAA protest in the North East and other parts of the country.

In an exchange filing, the company said, "Retail sales in jewellery were better than expected at the beginning of the quarter, possibly due to a good wedding season and reasonable inelasticity of wedding jewellery, but growth in watches and eyewear were difficult to come by."

"Sales in all divisions in the second half of December were also impacted to some extent due to forced store closures due to the protests in the North East and in many other parts of the country," the company said in a filing to the BSE.

On the long term bank facility, CRISIL has upgraded its rating to 'CRISIL AAA/Stable' from 'CRISIL AA+/Positive.'

The stock last quoted at 1165.50, up Rs. 26.00 or 2.28%, while it recorded it an intra-day high of Rs. 1170 per share on the BSE until 10:25 am.

GoodReturns.in