Titan’s share price dipped sharply on Monday morning after closing last week on a high with an over 2.5% jump on Friday.
What Happened: The company on Friday evening (Oct. 6) posted its quarterly update for the September quarter. As per the update, the Tata Group company saw a 20% year-on-year revenue growth in the quarter ended September.
The jewellery business’ revenue grew by 19 YoY and the eyecare segment’s revenue saw a growth of 12%. Growth was more prominent in the emerging businesses (fragrances and fashion accessories) and watches & wearables segment which saw revenue grow by 29% YoY and 32% YoY respectively.
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CaratLane, a subsidiary of the company, registered growth of 45% YoY in the September quarter. Titan is set to acquire the remaining stake in the company from its founders. The Titan company added a total of 81 stores during the July-September period, taking the group's retail presence to 2,859 stores.
Reacting to the update, Moran Stanley maintained its “equalweight” rating on the stock with a price target of ₹3,190. On the other hand, Motilal Oswal maintained its “buy” rating on the stock with a target price of ₹3,795.
Price Action: Titan’s share price was down 0.90 % to trade at ₹3,280 at open on Monday.
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