BackTitan shares decline over 5% on weak Q1 earnings
On the BSE, Titan stock tumbles 5.19% to Rs1,050.20; and plunges 5.32% to Rs1,048.60 on the NSE
PremiumNEW DELHI:Stock of Titan Company Ltd fell more than 5% in early trade on Tuesday after the company reported a consolidated net loss of Rs297 crore for the first quarter ended 30 June of the fiscal year 2020-21.
On the BSE, the stock tumbled 5.19% to Rs1,050.20; and plunged 5.32% to Rs1,048.60 on the NSE.
Titan Company reported its earnings on Monday.
Total income of the Tata group-owned company during the June quarter declined 61.21% to Rs2,020 crore as compared to Rs5,208 crore a year ago.
The earnings of the company were impacted by lower income due to the Covid-19 pandemic.
“The severity of the disruption in business due to the pandemic impacted the company's performance resulting in an unprecedented loss for the company. The recovery in business, particularly in the jewellery business is encouraging and we expect to get back to normalcy by the fourth quarter of this year," Titan Company’s managing director C.K.Venkataraman said in a statement on Monday.
“The recovery rate of revenue started improving slowly and as of June it was 21% for the watches and wearables division, 77% for the jewellery division and 25% for the eyewear division," the company said.
By 12:39 pm, shares of Titan Company Ltd were trading at Rs1,064.65, down 3.90%, on the BSE; and at Rs1,064.85, 3.86% lower, on the NSE.
The BSE Sensex index was trading at 38,391.01, up 0.55%; and the Nifty 50 index at 11,323.20, 0.47% higher.
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