Titan dips 2% as Co gives biz update, defers launch of jewellery collection

Titan expects cash outflow to be recovered when sale of jewellery restarts

Shares of Titan Company declined as much as 2.81 per cent to Rs 868 on the BSE on Wednesday after the company said its operating cash flow in the last two months was negative due to 'virtually zero' sales during the first six weeks of lockdown. Titan also deferred the launch of two its jewellery collections till a time that most of the stores are re-opened. 

Sharing its business update amid the Covid-19 pandemic, the jewellery-to-watches maker said that increase in mark-to-market cash outflow on gold hedge due to rising gold prices and committed costs being incurred also contributed to the