Titan’s share price jumped back in the green to start the fresh week going up close to 2% to hit a new all-time high of ₹3,776.85.

What Happened: Titan, in its quarterly business update, reported a 22% year-on-year growth in revenue for the quarter ending December 30, 2023. The jewellery and watch-making expanded its retail presence by adding 90 stores during the October-December period, bringing the total number of stores to 2,949.

In the jewellery division, domestic sales surged by 21%, driven by double-digit buyer growth and a moderate improvement in average selling prices. The growth in gold (plain) and coins outpaced studded sales growth, indicating strong consumer interest in gold despite elevated prices and volatility. Internationally, Tanishq expanded its global presence by adding two stores in the USA (Houston and Dallas) and one in Singapore, bringing the international footprint to 14 stores.

The watches and wearables segment in the domestic market experienced a remarkable 23% growth. This comprised an 18% revenue growth in analog watches and an impressive 64% growth in wearables. However, the EyeCare division saw a 3% decline in revenue year-on-year. Titan Eye+ opened two new stores in the Gulf region (Dubai and Sharjah) during the quarter.

See Also: These Two Fashion Trendsetters Are Predicting What You’re Going To Wear Tomorrow

In emerging business segments, Taneira’s revenue witnessed a remarkable 61% year-on-year growth. The brand expanded by opening 11 new stores, including locations in Rajkot, Surat, Bhagalpur, and Chandigarh. CaratLane achieved a robust 31% year-on-year growth, opening 16 new retail stores nationwide during the same period.

Analyst Reactions: The update received mixed reactions from analysts. HSBC maintained its “buy” rating for the stock, hiking the price target to ₹4,200 from ₹3,900. The research firm said that the company’s Jeweler division’s revenue growth was above consensus estimates.

Morgan Stanley maintained its “equal-weight” stance on the stock with a target price of ₹3,190. Citi also maintained its “neutral” rating for the Tata Group stock with a price target of ₹3,650.

Price Action: Titan’s share price was up 1.40% to trade at ₹3,764.50 as the markets opened on Monday.

Read Next: What Is Taj Hotel Share Price And How To Buy