Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Titan Shares Drop Nearly 5% as CFO Says Jewellery Business Growth at Risk

Titan on Tuesday registered a 6.2% jump in its standalone net profit at Rs 370.7 crore for the June quarter against Rs 349.2 crore in the same quarter a year ago.

Trending Desk

Updated:August 7, 2019, 3:53 PM IST
facebookTwitterskypewhatsapp
Titan Shares Drop Nearly 5% as CFO Says Jewellery Business Growth at Risk
File pic of Tit an Logo (Twitter Image)
Loading...

Titan Co. Ltd shares dropped nearly 5% in intraday trade on Wednesday after the company’s chief financial officer (CFO) S Subramaniam warned that the FY20 growth target for jewellery business was at risk.

At 3:15pm, the Titan stock was trading at Rs 1,029, down 1.7%, after hitting an intra-day low of Rs 998. Interestingly, the stock has lost over 20% since July when the company reported a slowdown in its jewellery business in the June quarter.

Subramaniam, while discussing the company’s quarterly performance, told CNBC TV18 that the 20% growth seen for jewellery business in FY20 was at risk due to higher gold prices and import duty of 2.5%.

“We have had a very bad second half of June and that unfortunately continued in July. August is looking slightly better and September will be far better because the season starts. We had a bad July and therefore, the impact of that on the first half would be material,” said Subramaniam.

“Our target for the second year continues to be as they are and we are reasonably hopeful that we should be able to do so because our customer surveys have indicated a decent Diwali,” he added.

Titan on Tuesday registered a 6.2% jump in its standalone net profit at Rs 370.7 crore for the June quarter against Rs 349.2 crore in the same quarter a year ago. The company’s revenue rose 14.4% to Rs 4,939.7 crore during the quarter versus Rs 4,319 crore in the year-ago quarter.

The jewellery division recorded an income growth of 13.3% in the June quarter, while the watches business posted growth of 20.4%.

Talking about the watches business, Subramaniam told CNBC Tv18: “Watches did well despite consumer slowdown. We target to achieve 13-14% growth in this business.”

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 550.75 -0.11
HDFC 2,100.00 -0.84
Reliance 1,278.00 -0.80
Yes Bank 79.45 3.79
HDFC Bank 2,227.70 -0.08
Company Price Change %Gain
SBI 290.95 0.38
Indiabulls Hsg 551.10 -0.04
Yes Bank 79.45 3.79
Maruti Suzuki 5,975.15 2.74
SpiceJet 143.50 3.02
Top Gainers
Company Price Change %Gain
UPL 549.05 4.14
Yes Bank 79.45 3.79
Power Grid Corp 211.15 2.92
Maruti Suzuki 5,975.05 2.73
IndusInd Bank 1,439.10 2.73
Company Price Change %Gain
Yes Bank 79.45 3.79
Power Grid Corp 211.25 2.85
Maruti Suzuki 5,975.15 2.74
IndusInd Bank 1,438.25 2.70
Axis Bank 675.55 1.86
Top Losers
Company Price Change %Gain
TCS 2,165.10 -1.78
Vedanta 144.40 -1.47
HCL Tech 1,062.75 -1.25
BPCL 351.20 -0.92
HDFC 2,100.00 -0.84
Company Price Change %Gain
TCS 2,163.50 -1.87
Vedanta 144.30 -1.54
HCL Tech 1,061.65 -1.37
HDFC 2,098.75 -0.91
Reliance 1,277.40 -0.85

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results