Titan Company stock hits fresh 52-week high on robust Q2 earnings
The Titan stock rose up to 25 per cent on its strong Q2 earnings in Monday trade. At 12:15 pm, the stock was trading 17.58 percent or 115 points higher at 775.20 level.
The stock hit a 52 week high of 823.30 level in early trade. It is up 138.71 percent or 451 points since the beginning of this year.
On an yearly basis, the scrip has gained 110.84 percent or 408 points on the BSE.
On Friday, the jewellery-to-watch maker reported a whopping 67.4 percent growth in consolidated profit, driven by jewellery business. Profit for Q2 rose to Rs 278 crore, from Rs 166 crore in corresponding quarter last fiscal. Revenue from operations rose 29.6 percent year-on-year to Rs 3,473 crore.
Titan's total income stood at Rs 3,517.7 crore during the quarter under review as against Rs 2,714.98 crore in the year-ago period, up 29.56 per cent.
During the second quarter, Titan's revenues from watches rose 8.96 per cent to Rs 571.75 crore, while revenues from jewellery business jumped 36.90 per cent at Rs 2,748.2 crore.
Revenues from the eyewear segment grew 3.51 per cent to Rs 98.54 crore in the reporting quarter.