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Shares of Titan were up 2% at Rs 408 after net profit for the December quarter rose 15% to Rs 191 crore compared to the same quarter last fiscal driven by healthy revenue growth and margin expansion in the jewellery business.
Revenue from jewellery business grew 11% to Rs 2,347 crore during the quarter under review as against Rs 2,111 crore of the same period last fiscal.
However, earnings from watch segment declined marginally by 3% to Rs 443 crore during the quarter as against Rs 451 crore last fiscal. Margins stood at a 13-quarter low of 9.7%.
The stock opened at Rs 407 and touched a high of Rs 411. At 9:25AM, over 69,000 shares were traded on both the stock exchanges.
