Titan Company gains 4% on Q3 business update

Shares of Titan Company were up 4 per cent to Rs 964 a piece on BSE in the early morning trade after the company said it saw good growth momentum across all its businesses in the seasonally strong third quarter. For the jewelry division, strong same-store sales growth (SSSG) continues to occur, expects growth for full-year to be around 22 per cent as the customer demand remained buoyant in the festive season.

The stock of Tata Group Company was trading close to its all-time high price of Rs 1,006 touched on April 18, 2018, in the intra-day trade.

“The company continued the good growth momentum across all its businesses in the seasonally strong third quarter as well, demonstrating the inherent strength of virtually all the brands in its portfolio, and the strong connect with our consumers,” Titan Company said on Friday in Q3FY19 quarterly update.

The company remains focused to deliver good and broad-based growth across all its brands and channels while enhancing the capabilities and capacity in the company for the long-term growth, it added.

The company’s jewellery division continued to witness strong same stores growth, reflecting continuing market share gains. Expansion of the store network continued as planned to benefit from the rising aspirations of the consumers in middle India to shop from the leading brands. The company expects the full year growth in jewelry business to be around 22%.

However, the slew of new product launches was backed by strong multi-channel campaigns to build awareness in the market. With significantly higher spends on advertising, the EBIT margins in watches segment will be substantially subdued in Q3, it added.

At 09:35 am, Titan Company was trading 3% higher at Rs 954 on BSE, as compared to a 0.66% gain on the BSE Sensex. A combined 1.05 million equity shares changed hands on the counter on the BSE and NSE so far.

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