Jewellery stocks surge; Titan zooms 25% intra-day on strong Q2 earnings

TBZ, PC Jeweller, Gitanjali Gems, Renaissance Jewellery and Thangamayil Jewellery are up in the range of 4% to 7% in otherwise subdued market.

Shares of jewellery companies have rallied up to 25% on the BSE in early morning trade after the Titan Company reported a strong set of numbers for the quarter ended September 2017 (Q2FY18).

Titan Company zoomed 25% to Rs 823 in intra-day trade, after the company’s consolidated net profit uincreased 71% at Rs 305 crore in Q2FY18, driven by jewellery business. It had reported profit of Rs 178 crore in corresponding quarter last fiscal.

Revenue from operations during the quarter grew 29% year-on-year (y-o-y) to Rs 3,378 crore from Rs 2,620 crore in the same quarter year ago,