Titan falls 1.5%; mixed response in the festive season

The retailer said that while jewellery sales remained buoyant for the year, especially during the festive season started October, watches and eye-wear category saw muted growth, with all retail formats experiencing flattish growth.

Titan Company slipped 1.5% to Rs.346.15 on BSE. Titan management said festive season had a mixed response from customers in third quarter. In its quarterly update to the BSE on Monday, the retailer said that while jewellery sales remained buoyant for the year, especially during the festive season started October, watches and eye-wear category saw muted growth, with all retail formats experiencing flattish growth.

The scrip opened at Rs. 349.8 and has touched a high and low of Rs. 349.8 and Rs. 344.95 respectively. So far 270730(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 31157.34 crore.

The volumes for Titan declined over the festive season but sales value remained flat. Sales in month of October and November in the company’s eye-wear division Titan Eye Plus remained sluggish. Floods in Tamil Nadu, an important eye-wear market for Titan, are likely to have an adverse impact on the business, the company said. 

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 448 on 03-Feb-2015 and a 52 week low of Rs. 303 on 01-Oct-2015. Last one week high and low of the scrip stood at Rs. 364.2 and Rs. 344.6 respectively.

The promoters holding in the company stood at 53.05 % while Institutions and Non-Institutions held 25.27 % and 21.67 % respectively.

The stock is currently trading above its 200 DMA.