Titan Company plunges as high gold prices tarnish Q1 jewellery sales

  • Eric
  • July 9, 2019
  • Comments Off on Titan Company plunges as high gold prices tarnish Q1 jewellery sales

Shares of watch and jewellery maker, Titan Company Ltd, dropped as much as 10.9 per cent to Rs 1,116, their lowest since May 10.

Revenue from the company’s jewellery segment grew by a muted 13 per cent in Q1 as consumer demand in June was hit by a sharp increase in gold prices, the company said on Monday.

Revenue from the segment grew 22 per cent in FY19.

The stock is the top loser on the NSE index, marking its sharpest intra-day fall in over 2-1/2 years and is set for its fourth straight session of losses.

About 6.3 million shares changed hands in early trade, versus the 30-day average of 1.7 million shares.

23 of the 32 analysts covering the stock have a “buy” or ”strong buy” rating, 8 have “hold”, while 1 rates it at “sell”; and the median PT is Rs 1,249.5, according to Refinitiv data.

The stock was up 34.5 per cent this year, as of last close.

[“source=thehindubusinessline”]