Titan's market capitalisation surged past the Rs 2 trillion mark on Wednesday after the luxury products company's shares touched a record high of Rs 2,361 on the BSE in wake of a significant demand recovery in the September quarter. Titan's sales have been bolstered by easing covid restrictions, the upcoming festival season and craze around digital gold. Titan is only the second Tata group company after TCS to achieve Rs 2 trillion milestone.
"The company witnessed strong recovery in demand after the second wave across its consumer businesses with sales moving swiftly above or close to pre-pandemic levels in most of the divisions," Titan said in its quarterly business update to the investors.
On Wednesday, Titan reported that its sales in most divisions in the September quarter had reached or even surpassed pre-pandemic levels. The jewellery segment reported a 78 per cent YoY growth in sales (excluding bullion sales), with the addition of 13 stores in the quarter taking the total store strength to 414.
The watches and wearables division witnessed a 73 per cent year-on-year growth in sales and the sales in the eyewear segment, including Taneira, fragrances and accessories, rose 121 per cent on a year-on-year basis.
Titan is still far behind TCS in terms of market capitalisation. In August, TCS became only the second listed company and the first information technology (IT) company to cross market capitalisation of Rs 13 trillion.
At 12:33 pm, Titan shares were trading at Rs 2,369, higher by 10.35 per cent, on the BSE as against one per cent rise in the benchmark indices.
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