Titan shares rally over 11% Mcap soars over Rs 2 lakh crore

New Delhi: Shares of Titan on Thursday jumped nearly 11 per cent, with its market valuation crossing Rs 2 lakh crore mark, after the company said it has witnessed a strong recovery in demand in the July-September quarter.

The stock zoomed 10.69 per cent to settle at Rs 2,376.20 on the BSE. During the day, it jumped 11 per cent to its 52-week high of Rs 2,383.35. On the NSE, it jumped 10.60 per cent to settle at Rs 2,375.35. During the day, it rallied 11.01 per cent to its 52-week high of Rs 2,384.25. Following the jump in its share price, the company's market capitalisation climbed to Rs 2,10,955.75 crore on the BSE.

From the Tata group firms, Tata Consultancy Services was the first company to attain this milestone of reaching Rs 2 lakh crore market valuation mark. Its current market valuation is at Rs 14,19,973.35 crore. Titan on Wednesday said it has witnessed a strong recovery in demand in the July-September quarter, and its sales in most of its divisions have either reached above or close to pre-pandemic levels.

Most stores are now fully operational barring a few in select towns, having localised restrictions, with overall store operation days exceeding 90 per cent for the quarter, said Titan in its quarterly updates. Apart from its thrust on the digital channel, Titan has accelerated its retail network expansion during the quarter.

"The company witnessed strong recovery in demand after the second wave across its consumer businesses with sales moving swiftly above or close to pre-pandemic levels in most of the divisions," said Titan. In terms of revenue, in the jewellery segment, which contributes a larger portion of its turnover, it has reported 78 per cent growth in Q2 FY22 compared to Q2 FY21.