Titan Nears 52-Week High After Business Update On Festive Sales

On Thursday, shares of Titan Company Limited climbed 4 percent to an intraday high of Rs 1,336.05 on NSE, which is close to its 52-week high of Rs 1,341.05.

The stock gained after the company provided a business update in a stock exchange filing wherein it said that the company "saw good traction across all its businesses in the festive season."

"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 Jewellery sales. The Watches and Wearables business also did quite well in the festive season with recovery close to last year levels. Eyewear business has also witnessed good traction," it added.

Earlier this month, Titan had announced the launch of its first international Tanishq store in Dubai as part of expanding regions outside India.

For the September-ended quarter, the company had reported a net profit of Rs 199 crore, down 37.81 percent from Rs 320 crore a year ago.