Titan (TITN.NS) shares fall on slower Sept-quarter jewellery growth
Shares of India's Titan fell as much as 4.7% to 4335.60 rupees, their lowest in three months, after the retailer reported slower growth in its jewellery business for the September quarter due to a delayed festive calendar. Brokerage BofA noted that underlying quality of growth may be stronger, with studded jewellery growing in the early thirties and plain gold jewellery by c.20% YoY.
60 rupees, their lowest in three months, after the company reported slower growth in its core jewellery business for the September quarter. The stock recorded its biggest intraday percentage decline since May. Titan said the festive calendar shift delayed purchases in the quarter. Brokerage BofA said the underlying quality of jewellery growth may be stronger than the headline revenue figure suggests.
20% year on year. It said the sales mix was favourable for profitability and could offset some of the revenue shortfall. 7% year to date.