Shares of this Tata Group stock soared today after it released key business updates pertaining to performance in the segments operated. The shares have gone up nearly 10 percent during the last one-month period.
The stocks of Titan Company Limited are trading in the green today and currently trade at Rs 3,150. The scrip witnessed an intra-day high of Rs 3,210, which also marks the fresh 52-week high price, indicating a gain of around 3.30 percent compared to the previous close of Rs 3,106.40 apiece.
The share price rose today after the company, through a regulatory filing with the exchange, released business updates.
Comparing Q1FY23-24 with Q1FY22-23, the company reported maximum growth, which is 37 percent, in emerging businesses including Fragrances and Fashion Accessories. Apart from that, decent growth was reported in the ‘Jewellery’ and ‘Watches & Wearables’ segment of 21 percent and 13 percent respectively.
According to the March 2023 quarter, Ms. Rekha Jhunjhunwala, the wife of late ace investor Mr. Rakesh Jhunjhunwala, holds around 4.70 crore shares of the company equating to a 5.29 percent stake. The current value of her holdings stands at approximately Rs 14,700 crores.
The recent financial reports of the company reported an increase in the basic parameters such as the operating revenues as well as net profits generated.
The operating revenues took a shift from Rs 28,799 crores during FY21-22 to Rs 40,575 crores in FY22-23, and, net profits, showing similar movements, went up from Rs 2,198 crores to Rs 3,273 crores exhibiting an increase of percent.
In addition to the above, the return on equity (RoE) and return on capital employed (RoCE) showed an increase in recent years with the former shifting from 23.35 percent during FY21-22 to 27.42 percent in FY22-23 and, the latter, moving from 29.73 percent to 34.49 percent.
As per the shareholding data, the company’s Promoters, hold a 52.9 percent stake, and Foreign Institutional Investors (FIIs) hold a 17.51 percent stake in the company.
Titan Company Limited is involved in the business of manufacturing and selling watches, eyewear, jewellery, and other products & accessories. It sells products under various brands such as Fastrack, Tanishq, Sonata, and many others.
Written by Amit Madnani
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