Titan Company rose 2.42% to Rs 951 at 12:09 IST on BSE after the company said it has continued the good growth momentum across all its businesses in third quarter of the current financial year.
The announcement was made after market hours on Friday, 4 January 2019.Meanwhile, the S&P BSE Sensex was up 243.22 points or 0.68% at 35,938.32
On the BSE, 2.79 lakh shares were traded on the counter so far as against average daily volumes of 1.78 lakh shares in the past two weeks. The stock had hit a high of Rs 964 and a low of Rs 946.80 so far during the day.
Titan Company said that the company continued the good growth momentum across all businesses in the seasonally strong third quarter, demonstrating the inherent strength of virtually all the brands in its portfolio, and the strong connect with consumers. The company remains focused to deliver good and broad based growth across all brands and channels while enhancing the capabilities and capacity in the company for the long-term growth. The aggressive retail network roll out during the year has led to the retail network crossing the 2 million sq. ft. mark during the quarter.
The jewellery division continued to witness strong same stores growth, reflecting continuing market share gains, Titan Company said. The division added 27 Tanishq stores and closed 3, for the year to date, with the net retail space addition being approximately 65,000 sq. ft.
Titan Company said that the watches division continued to launch exciting products and refreshing collections across brands - Titan, Fastrack and Sonata. Modern retail formats and e-commerce continue to lead the growth amongst all the channels. The division added 23 WOT stores and closed 18, added 17 Fastrack stores while closing 8 and for Helios added 7 stores while closing 4 stores during the year so far.
The eye wear division continues to benefit from recrafting of the strategy of increasing the assortment at more affordable price point in-line with core brand proposition of expertise & styles at great value, Titan Company said. The division added 49 stores during the year to date and also closed 24 stores ending up with a net increase of about 16,000 sq. feet of retail space.
In new businesses, Skinn remained the best seller in its category in departmental chain stores, despite the international brands being on discounts during the quarter. Taneira opened its 2nd store in Delhi at South-Ex, taking total store count to 4.
Titan Company's consolidated net profit rose 7.77% to Rs 305.91 crore on 27.53% rise in total income to Rs 4595.13 crore in Q2 September 2018 over Q2 September 2017.
Titan Company's main business lines are watches, jewellery and eyewear.
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