Titan stock was in the fast lane on Thursday after the firm announced its operational performance during September 2021 (Q2FY22) quarter. Titan has witnessed a strong recovery in demand with sales swiftly rising in the latest Q2.
Titan Company Limited is an Indian luxury products company that mainly manufactures fashion accessories such as watches, jewellery and eyewear. Part of the Tata Group and started as a joint venture with TIDCO, the company is headquartered in Hosur, Tamilnadu.
At around 10.22 am, Titan was trading at Rs2343 per piece up Rs196.20 or 9.14% on Sensex. The stock was among the top gainers on benchmarks. The stock has even crossed market capitalisation of Rs2.08 lakh cr.
The stock has touched a new 52-week high of Rs2348.45 per piece earlier today on Sensex.
During Q2, Titan said that the company “witnessed a strong recovery in demand after the second wave across its consumer businesses with sales moving swiftly above or close to pre-pandemic levels in most of the divisions.”
Titan stated that most stores are now fully operational barring a few in select towns having localized restrictions, with overall store operation days exceeding 90% for the quarter. Apart from its thrust on digital and Omni channels, the Company also accelerated its retail network expansion during the quarter.
In the jewellery segment, Titan said that the demand postponement triggered by the second wave of the pandemic in avenues like gift purchases, occasions I milestone buying, weddings, investments in gold etc. witnessed a strong comeback in Q2. Both plain and studded segments grew in double digits, however, much stronger growth in the plain segment led to the studded mix being below pre-pandemic levels.
Further, in the Watches & Wearables section, during Q2, Titan said that the division recovered rapidly in Q2 with sales acceleration witnessed across all product brands.
Titan’s standalone revenue growth was whopping 78% yoy in Q2FY22. As of September 2021, the company added 45 new stores taking the total to 1,846 stocks.
The Dalal Street king, Rakesh Jhunjhunwala is set to gain massive from the stellar rise in Titan stock for the day. As of June 2021, Jhunjhunwala holds 42,650,970 equity shares accounting for a 4.8% stake in Titan. As per the TrendLyne.com data, Jhunjhunwala’s shareholding in Titan at the current market price is valued at nearly Rs9,160cr.