Titan Company rose 1.91% to Rs 407.95 at 10:11 IST on BSE after net profit rose 15.2% to Rs 190.73 crore on 8.59% increase in total income to Rs 2934.03 crore in Q3 December 2014 over Q3 December 2013.
The Q3 result was announced after market hours yesterday, 27 January 2015.
Meanwhile, the S&P BSE Sensex was down 12.23 points or 0.04% at 29,558.81.
On BSE, so far 1.05 lakh shares were traded in the counter as against average daily volume of 1.11 lakh shares in the past two weeks.
The stock hit a high of Rs 410.90 and a low of Rs 404.30 so far during the day.
Titan Company's income from watches was Rs 442.63 crore in Q3 December 2014, marginally lower than Q3 December 2013. On the other hand, jewellery business recorded a growth of 11.2% in Q3 December 2014 over Q3 December 2013.
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Tanishq had an income of Rs 2347.39 crore this year in Q3 as compared to Rs 2110.70 crore last year. For the nine-month ended December 2014, the jewellery business recorded a growth of 17.4%. Other businesses of the company comprising Precision Engineering, a B2B business, the Eyewear business and accessories grew by 14.8% in Q3 December 2014. The combined income of these businesses in Q3 December 2014 was Rs 133.67 crore as compared to Rs 116.42 crore in Q3 December 2013.
The Titan Company (TCL) retail chain is 1,172 stores strong, as on 31 December 2014 with the retail area crossing 1.5 million square feet nationally for all its brands. A total of 151 stores were added by TCL brands in the nine month period till December 2014.
Bhaskar Bhat, Managing Director of the company stated that "Titan Company, with a large portfolio of strong brands, operating in multiple industries, grew by over 9% in the third quarter. This period, which is a festival quarter, faced heightened activity from e-commerce players, participating in this gifting season. Going forward, the market sentiment is looking good, with the fiscal budget from the new Government coming up, drop in inflation and positive global factors like the slump in oil prices. The company is gearing up for the last quarter with launch of new products and advertising campaigns that are lined up, including activation by some of the brands."
Titan Company (earlier known as Titan Industries) is India's leading producer and retailer of watches, jewellery and eyewear.
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