Titan Shares Soar 3% After Strong Q1 Earnings

Titan Company shares rose nearly 3% in Monday's trade after the jewelry and consumer major reported strong first-quarter earnings. The stock touched its 52-week high of Rs 5,121.30 before trading around Rs 5,057, up 2.31% as of 11:30 am.

The company's consolidated net profit rose 63% year-on-year to Rs 1,777 crore in Q1, compared with Rs 1,091 crore in the same quarter last year. Total income rose 40% year-on-year to Rs 20,753 crore, driven by a 43% year-on-year increase in revenue from the jewelry portfolio.

Brokerages such as Citi and Motilal Oswal remain positive on Titan's earnings growth, with target prices of Rs 5,700 and Rs 6,000 respectively. However, Nuvama has downgraded the stock to Hold from Buy due to concerns around gold prices and discretionary spending.

Titan attributed its strong performance to festive purchases, Akshaya Tritiya sales, and exchange programs, along with a relatively stable gold price environment during the quarter.