Titan Company gains 3% after December quarter jewelry sales meets estimates

Titan said the retail sales in jewellery were better than expected at the beginning of Q3FY20, possibly due to a good wedding season and reasonable inelasticity of wedding jewellery.

Shares of Titan Company climbed 3 per cent to Rs 1,170 on the BSE on Monday in early morning deals after the company’s jewelry sales for the December quarter (Q3FY20) came in line with guidance, while others segment disappointed. In comparison, the S&P BSE Sensex was down 1 per cent.

In the past eight trading days, the stock had underperformed the market by falling 6 per cent, as compared to a marginal 0.5 per cent decline in the benchmark index till Friday.

“Retail sales in jewellery were better than expected at the beginning of Q3FY20, possibly due to