Why Titan and other Jewellery stocks are going up - Titan share latest news

 

The News Cover: Hi, the leading company of watches, jewelry, and eyewear categories, TITAN's share price increased by 9% today i.e, 7th of Oct. It touched its 52-week high. So, in today's article, we will tell you the reasons behind the rally in Titan's share price. 

The first is that the company recorded good sales in Quarter 2 of the Financial year 2021-22. In quarter 2 of FY22, Titan India Ltd.'s jewelry business increased 78% year on year. The company added 13 new stores in this quarter as well. Also, in the watches and wearable segment, we saw 73% year-on-year growth. Also, in the eyewear segment, 74% year-on-year growth. 

The second reason is the recovery in demand for the company's products. After Covid 2nd wave, a strong recovery in all consumer business has been seen. The companies' sales are touching or crossing pre-pandemic levels. Titan said that except for a few towns, the rest stores were fully operational. Overall, the store operational days recorded 90% more in this quarter. 

The third reason is the upcoming wedding and festive season. Hence the demand for Titan's jewellry and watches may increase in the next quarter. Apart from this, gold prices have been stable in the past few months. Hence, strong festive and wedding season demand will accelerate Titan's growth trajectory. So, investors can be positive about the company's performance. 

Also, increasing vaccinations and unlocking along with upcoming weddings and festive season, investors are positive about overall jewellry sector stocks. Around 11.30 am today, the stock price of Kalyan Jewellers was also 9.43% up. Also, by 11.30am today, Rajesh Exports Ltd- 0.63% up, Vaibhav Global- 1.95% up and Goldiam International- 3.93% up. This was a small update on Titan. 

We would like to remind you that this article is for educational purposes only, and is not a buy or sell recommendation of any kind. Also, we have launched our new trading channel. Here we will explain trading concepts like charts, indicators, futures & options, etc. to all our viewers in a simple manner.