The stock price went up nearly 3% today as global brokerage Macquarie retained its outperform call on the stock. It gave a target of 3,000 for the luxury goods maker, an upside of 25 percent from the current market price. The share touched a new intraday high of Rs 2,440. 1, was up 2.75% on the BSE.
Titan Company share price is higher than 5 day, 50 day, 100 day and 200 day moving averages, but lower than 20 day moving averages. The total of 0.28 lakh shares changed hands with a turnover of 6.65 crore.
The Tata Group stock has gained 76% in a single year and has risen 50.65% since the beginning of the year. The share saw profit booking and ended up 0.57% lower at Rs 2,361 against the previous close of Rs 2,374. 90 is on the BSE.
The large cap stock hit a 52 week high of Rs 2,678 on October 18, 2021 and a 52 week low of Rs 1,335 on December 1, 2020.
The company has led to 10 percent plus jewellery sales growth and 12 -- 13 percent margin. The company is cautious about the new Omicron impact, because of the analytics design investments that enhance lead against its peers, according to Macquarie.
It was not witnessing any material concerns on demand and is one of our preferred picks in the consumer space, according to the brokerage firm.
In early October, Titan said it had witnessed a strong recovery in demand in the July-September quarter, and that most of its divisions have reached above or close to pre-pandemic levels.
Most stores are fully operational, but some in select towns have local restrictions, with the total store operation days exceeding 90 per cent for the quarter, according to Titan in its quarterly updates.
In the second quarter of 2022, Titan reported a strong recovery across its divisions of jewellery, eyewear, watches and wearables. The Tata group company said most of its divisions had crossed or were swiftly moving to reach pre-pandemic levels. Most of its stores were fully operational except a few in towns where local restrictions were in place, with overall operation days exceeding 90 percent for the quarter, the company said.
The company reported a 222 per cent rise in its net profit at Rs 641 crore in Q2 of the current fiscal year, which is the result of a strong recovery in consumer business. The profit stood at 173 crore in the year-ago period.
In Q2 the total income rose 65 per cent to Rs 6,571 crore compared to Rs 3,983 crore in the year-ago period.