People are seen outside a Tanishq jewellery store in Mumbai, India, October 14, 2020. REUTERS
April 8 (Reuters) – Shares of Indian jeweller and watchmaker Titan Company rose about 5% on Tuesday, set for their best day since July 2024, after the company said it expects a 25% rise in its fourth-quarter standalone revenue.
The revenue growth, higher than the same period a year ago, was propelled by a record rally in gold prices, as investors fled to safety amid high geopolitical tensions and escalating economic uncertainty due to U.S. tariff policy.
The company’s jewellery business accounts for a majority of the overall revenue. The rise in revenues in the January-to-March quarter was led by “high double-digit growth” in higher price band jewellery, said the company.
Higher gold prices did not deter affluent Indians from splurging on ornaments for weddings and accumulating gold as a form of investment.
The shares rose to 3,185.75 rupees in Mumbai as of 9:30 a.m. IST. The benchmark Nifty 50 index was up 1.7%.
Analysts rate Titan ‘buy’ on average, according to data compiled by LSEG, similar to peers.
Reporting by Ananta Agarwal in Bengaluru; Editing by Mrigank Dhaniwala
