Titan is sparkling in todays session, rising over 5.5% to hit an intraday high at Rs.1267.80. Its 10% UC of the day is at Rs.1319.90.
The market is optimistic about the Q2 performance after the company gave its update of the business for Q2FY21. It said that its return to normalcy on the business front has been progressing well with the almost complete lifting of restrictions in phased manner over last few months across the country. The company is now gearing up to gain well from the upcoming festival season which is expected to further uplift the mood of the consumers.
The jewellery unit did very well in Q2, with a recovery rate of around 98% (excluding sale of raw gold) in Q2 (YoY). Its Watches & Wearables division had a recovery rate of around 55% in Q2, with a recovery of 70% in the September month. E-commerce is leading the recovery with absolute growth but the trade channel continues to pose challenges primarily due to destocking.
Its Eye Wear division showed a recovery of 58% in Q2 and a recovery of 70% in the September month. After a gap of 1.5 years, the division has again started selling its products through Amazon and Flipkart, which is seeing a good response.