Titan drops 3% despite an 11% YoY increase in jewellery sales in the Q3 report.
Titan, India’s largest jeweller, saw its shares drop 3% on Thursday despite reporting an 11% year-over-year increase in sales for the quarter ended December 31.
The company attributed the sales growth to strong demand for gold and diamond jewellery during the wedding season. However, shares fell as investors were expecting even stronger results.
Despite the quarterly sales growth, Titan’s shares have underperformed the broader market this year, falling about 15% since January 1.
Shares of Titan Company dropped 3 per cent to Rs 2,470.70 in Monday’s intra-day trade. The company’s jewellery division ( excluding bullion sales) reported around 11 per cent year-on-year (YoY) growth in the December quarter.
At 10:10 AM; Titan traded 2 per cent lower at Rs 2,496 apiece. In comparison, the S&P BSE Sensex was up 1.2 per cent at 60,623. Healthy new buyer growths in the festive period helped the division to achieve growth during the quarter.
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