Titan Company share ended over 11% higher in trade today after the firm said it was working out its strategy to manage the crisis situation amid the coronavirus lockdown with particular focus on ensuring adequate liquidity. Sentiments around the stock were positive as Titan Company said its watches division grew by 1% despite the significant loss of sales in the month of March.
Ecommerce was the fastest growing channel for both Q4 and full year, the company added in its Q4 update.
The quarter commenced well with the growth largely in line with our targets till the beginning of March, Titan Company said. The large cap stock closed 11.10% or 101 points higher at Rs 1015 compared to the previous close of Rs 913.80 on BSE.
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The stock gained 13.81% intra day to Rs 1040 on BSE. The large cap stock has gained 7.3% in last one week compared to a 10.18% rise in Sensex during the period.
The stock has lost 15.36% since the beginning of this year and has fallen 8.55% during the last one year. It traded higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.
The firm also said, "Consequent to the serious disruptions in operations in March, revenue growth for the quarter and consequently for the year has been impacted severely."
In Q3, Titan Company reported a standalone net profit of Rs 470 crore which was up 12.9 per cent from Rs 416.23 crore in the same period last year. Titan Company's sales for Q3 grew 8.40 per cent to Rs 6,105.96 crore from Rs 5,632.45 crore in the same quarter last year.
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The overall standalone income from operations in the third quarter was Rs 6,206 crore compared to last year's income of Rs 5,672 crore during the same period. The income from operations for April to December 2019 stands at Rs 15,581 crore.
BY Aseem Thapliyal