Titan shares hit record high on strong quarterly sales
Titan shares hit a record high today after domestic sales rose 42 percent in the fourth quarter. Growth was driven by higher gold prices and buyer volumes.
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Shares of the leading jewelry retailer in India surged as much as 5.7% to reach a record high on Wednesday. This rally followed a report from TITAN SA detailing a 42% increase in domestic sales for the fourth quarter, fueled by a combination of higher buyer volumes and the rising market value of Gold.
The company's primary jewelry division, which accounts for more than 90% of its total revenue, experienced a 46% year-on-year growth for the quarter ending March 31. This surge occurred as spot prices for the precious metal climbed nearly 8% during the same timeframe.
