Titan Industries fell 3% to Rs 242.20 at 13:40 IST on BSE on concerns that a slide in gold prices will reduce valuation of gold inventory that the company holds.
Meanwhile, the BSE Sensex was up 127.92 points, or 0.70%, to 18,370.48.
On BSE, 5.50 lakh shares were traded in the counter as against an average daily volume of 9.23 lakh shares in the past one quarter.
The stock hit a high of Rs 245.05 and a low of Rs 238.25 so far during the day. The stock had hit a record high of Rs 313.60 on 30 November 2012. The stock had hit a 52-week low of Rs 203.90 on 5 June 2012.
The stock had outperformed the market over the past one month till 12 April 2013, rising 1.12% compared with the Sensex's 6.76% fall. The scrip had also outperformed the market in past one quarter, falling 5.95% as against Sensex's 7.23% fall.
The large-cap company has an equity capital of Rs 88.78 crore. Face value per share is Re 1.
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At the Multi Commodity Exchange, Gold for delivery in June fell sharply by Rs 889, or 3.18%, to Rs 27,036 per 10 grams, the lowest level since March last year.
Gold prices recorded the biggest ever fall of Rs 1,250 per ten grams to hit one-year low of Rs 28,350 on Saturday, 13 April 2013.
Titan Industries' net profit rose 24.3% to Rs 203.73 crore on 23.2% growth in net sales to Rs 2982.89 crore in Q3 December 2012 over Q3 December 2011. Titan Industries said it reported better sales performance in Q3 December 2012 compared to Q2 September 2012. The overall trend in sales over the last three quarters has been positive at the end of third quarter across all consumer facing business of the company, Titan Industries said in a statement.
Titan Industries retails branded gold jewellery under the brand name Tanishq. It sells watches under its premium brand Titan and economy brand Sonata. The company's retail chain is 918 stores strong, as on 31 December 2012 with the retail area crossing 12 lakh square feet nationally for all its brands.
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