MUMBAI: In the recent market turmoil, shares of Titan Co. Ltd had lost their sheen, dropping to a 52-week trading low of ₹720.90 on 24 March on the National Stock Exchange.
Since then, the stock has appreciated by as much as 37% after taking into account Thursday’s more than 8% rise in share price.
Titan derives a lion’s share of its revenue from the jewellery business. The company’s March quarter update, announced late on Wednesday, said the jewellery segment’s revenues declined 5% year-on-year during the quarter.
This reflects the loss of sales in March due to the lockdown imposed to contain the spread of covid-19. For perspective, jewellery revenue had increased by about 8% for the nine-month period ended December.