172@29@17@151!~!172@29@0@53!~!|news|business|stocks|titan-company-shares-slip-4-post-june-quarter-results-morgan-stanley-remains-underweight-5681231.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
Subscribe to PRO at just Rs.33 per month. Use code SUPERPRO
Last Updated : Aug 11, 2020 10:19 AM IST | Source: Moneycontrol.com

Titan Company shares slip 4% post June quarter results; Morgan Stanley remains underweight

Standalone revenue during the quarter declined 62.3 percent year-on-year to Rs 1,862 crore compared to the corresponding period last fiscal.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Titan Company share price shed 4 percent intraday on August 11 after the company posted its June quarter results.

The company reported a net standalone loss of Rs 270 crore for the quarter ended June 2020 as COVID-19 pandemic hit business. The company reported a profit of Rs 371 crore in the year-ago period.

Standalone revenue during the quarter declined 62.3 percent year-on-year to Rs 1,862 crore compared to the corresponding period last fiscal.

Close

"The disruption caused by the COVID-19 pandemic in India affected the performance of Titan Company severely with retail outlets closed for a major part of the quarter, resulting in a decline in income of 62 percent for the first quarter of the financial year 2020-21," the company said in its BSE filing.

Morgan Stanley has maintained underweight call on the stock with a target of Rs 807 per share.

The Q1 earnings were weaker than our and consensus estimates, while macro & business headwinds will likely outweigh market share gains, said Morgan Stanley.

Think a full-fledged demand recovery will remain elusive in FY21, it added.

At 09:51 hrs, Titan Company was quoting at Rs 1,064.55, down Rs 43.25, or 3.90 percent on the BSE.
First Published on Aug 11, 2020 10:19 am
Sections