The Titan Company stock on Friday hit a new yearly high after the firm reported a 96.84 per cent increase in consolidated net profit to Rs 237.97 crore for the first quarter ended June 30 led by robust sales in its jewellery division. The company had reported a net profit of Rs 120.89 crore in the April-same quarter a year-ago.
At 10:15 am, the stock was trading at 49.25 points or 8.83% percent higher at 606.80 level.
Earlier, the stock made a new yearly high of 616.15 on the BSE. The stock has gained 85.73 percent or 278 points on an year to date basis.
Total income was at Rs 4,049.57 crore, up 42.56 per cent, during the period under review as against Rs 2,840.56 crore in the corresponding period last fiscal. "Driven by the jewellery business, our profit saw an outstanding growth this quarter," said Titan Managing Director Bhaskar Bhat.
Titan Company is engaged in offering watches, jewellery and others. The company's segments include watches, jewellery, eyewear and others. The company offers plain and studded gold jewelry brands, such as Tanishq, GoldPlus, Zoya, Mia, which are retailed through Tanishq, GoldPlus, Zoya and Mia stores.
The company offers watches and accessories, such as bags, sunglasses in brands, including Titan, Sonata, Fastrack and sub brands, such as Raga, Xylys and Edge, among others.