Titan’s shares fall 3% over the business update
Shares of jewellery and watch maker Titan fell by 3 per cent on the National Stock Exchange (NSE) and were trading at ₹ 2,462 per share at 2.54 pm, down by ₹ 78, in what experts said was a reaction to the company’s business update.
Its jewellery business has been negatively affected by Coronavirus, though watches and wearables witnessed good momentum.
The quarter ending March 31 of 2021-22 finished on a satisfactory note for Titan, the company said in a regulatory filing, despite disruptions caused by partial lockdowns owing to Omicron in January 2022 and also in March when consumers’ sentiments were hit by volatile gold prices.
However, its jewellery business reported a 4 per cent year-on-year (YoY) decline in revenue during the quarter.
The underlying demand though continued to be strong across all of its businesses with most segments posting a Year-on-Year (YoY) growth over a very strong fourth quarter of 2021-22 base.