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Shares of Titan glittered on Dalal Street as investors cheered the company’s positive comments on its performance in the fourth quarter.
Consumer sentiment as well as demand scenario have recovered "quite significantly" in the January-March quarter, the Tata group firm said. The company witnessed sales traction during the period across all divisions, including jewellery, watches and eyewear, and is expecting a good year ahead.
"Consumer sentiment as well as demand scenario recovered quite significantly (post demonetisation) by the beginning of the fourth quarter of 2016-17 and sales were good for all divisions by varying degrees," the company said in a filing to the exchanges.
Speaking to CNBC-TV18, the company's management also elaborated on cash transactions. Bhaskar Bhat, the company's MD said that the proportion of cash transactions is coming down significantly and government's focus on digitisation and capping of cash transaction will benefit the company, he added. The level of cash transactions were at 40 percent before demonetisation, may now stabilise around 20-25 percent, he said.
The stock has rallied over 38 percent in the past three months and nearly 10 percent in the past one month. The strong momentum continued in the recent past as well, with the scrip posting gains of over 5 percent in the past three days.
At 11:25 hrs, the company’s stock was quoting at Rs 482.45, up Rs 22.05, or 4.79 percent on the BSE. It touched a 52-week high of Rs 486.50.
(With inputs from PTI)
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