Titan Co's shares rallied as much as 6 percent to Rs 1,268 apiece on Wednesday after the Tata Group luxury brand released its quarterly business update for Q2 FY20-21. At 10:30 am, Titan traded 4 percent higher to Rs 1,249.
In its Q2 update, Titan said that the recovery rate in jewellery division is 98 percent as compared to the revenue of the same quarter last year. Its recovery rate in metro cities has been improving gradually while that in non-metros seem to have recovered substantially.
Sales in the month of September have been decent despite the period of 'shradh'. The company continued to sell raw gold from its inventory worth Rs 390 crore in Q2FY21.
The watches and wearables division saw a recovery rate of 55 percent in Q2 as compared to last year. Meanwhile, the month of September saw a recovery of around 70 percent. The recovery rate in the watches division is steadily rising sequentially due to increasing walk-ins.
The eyewear segment saw a recovery rate of 58 percent as compared to last year. Titan resumed selling its products through Amazon and Flipkart after a gap of 18 months.
The company added 14 Tanishq stores on a net basis in the current fiscal, said the company's exchange filing.
(Edited by: By Ajay Vaishnav)
First Published: IST