Titan's Market Cap Surpasses Rs 3 Lakh Crore As Shares Hit All-Time High
The market cap has jumped 30% so far this year.
Titan Co.'s market capitalisation crossed the Rs 3 lakh crore mark as its shares hit an all-time high on Tuesday.
The company's market value ended at Rs 3.01 lakh crore, while its scrip rose as much as 1.67% to a record of Rs 3,401.75 apiece. It later pared gains to close 1.45% higher at Rs 3,394.45 per share.
The company's market cap crossed the Rs 1 lakh crore mark on March 28, 2019. The stock then took over 2.5 years to scale past the Rs 2 lakh crore mark on Oct. 7, 2021.
So far this year, the market cap has risen 30% from Rs 2.3 lakh crore.
Year-to-date, Titan's share price has surged 30.68%, while the benchmark NSE Nifty 50 has grown over 8.5%.
India's largest branded jewellery maker's margin remained under pressure in the second quarter of fiscal 2024, despite reporting an increase in its profit and revenue.
The company's jewellery business posted a steady growth in Q1 and Q2 of fiscal 2024, amid volatile gold rates. The gold prices are up by over 17% from a year ago.
The Tata Group-owned company's jewellery business will also see no impact from a drop in the prices of diamonds, Chief Financial Officer Ashok Sonthalia had told BQ Prime earlier. Some impact will come in the solitaire business, but it is not a material impact to be worried about, Sonthalia said.
Titan opened 68 stores during the quarter, taking the total count to 2,613, as of September this year. The highest number of stores were added for jewellery business at 39, followed by 20 stores for watches and wearables, and five were eyecare stores. Four Taneira outlets were also added.
Shares of Titan closed 1.27% higher at Rs 3,388.3 apiece, as compared with a 0.45% advance in the benchmark NSE Nifty 50 on Tuesday.
Seventeen out of the 22 analysts tracking the company maintain a 'buy', seven recommend a 'hold', and four suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price target implies a potential upside of 2.5%.