Shares of Titan Company hit a new high of Rs 970 per share, up 3.3% on the BSE after the company said that its jewelry segment saw mid-teen retail sales growth during the quarter ended March 2018 (Q4FY18). The stock surpassed its previous high of Rs 963 recorded on March 28, 2018 on the BSE in intra-day trade.
“The Jewellery division had good sales growth in Q4 FY 17-18 on the back of very successful diamond jewellery activation and a more customer friendly revised gold exchange policy. The retails sales growth for the quarter was in mid-teens for the division,” Titan Company in quarterly update.
The watches division had a great quarter on the back of good retail growth especially in the multi-brand retail formats as well as e-commerce. In the last financial year, e-commerce channel has grown disproportionately and is contributing to about 10% of the division's sales, it added.
Titan said in FY17-18, watches and Jewellery business scaled new heights in terms of revenue growth and profitability which is a result of market share gains in both businesses as well as the success of the cost control initiatives of the Company.