Shares of Titan Co. hit an all-time high on Friday after it reported a 20% year-on-year growth in revenue in the June quarter.
Titan Q1 Update (Year-On-Year)
Jewellery sales rose 21%, with 18 new stores added in the first quarter.
Watches and wearables grew 13%, driven by premium brands.
Eyecare division saw sales growth of 10%, with seven new stores added.
CaratLane grew 32%, driven by healthy contributions from Akshaya Tritiya sales.
Titan's total store count stood at 2,778 stores as of June 30.
Shares of Titan rose as much as 3.37% intra-day, the most in over nine weeks since May 5. The stock is trading 2.47% higher at Rs 3,183 apiece as of 11.26 am, compared to a 0.44% decline in the NSE Nifty 50.
The total traded volume stood at 9.2 times its 30-day average. The relative strength index was at 85, implying that the stock maybe overbought.
Out of the 31 analysts tracking the company, 24 maintain a 'buy' rating, four recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 5%.
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