Titan shares on the downhill after Q3 growth fails to meet Street expectations

Shares of Titan opened decrease on January nine because the boom clocked through the employer in October-December region did not meet analyst expectations. The Street had forecast a boom of 17 percentage on-yr at the returned of robust wedding ceremony season, even as Titan said 12 percentage boom.

At 10:30am, the inventory changed into quoting at Rs 2491.25, decrease through 1.eighty percentage. It has won 15 percentage withinside the final six months.

The most boom changed into recorded through Titan in its ‘rising businesses’ category, in which the income shot up through seventy five percentage on-yr. This consists of perfume and style accessories, and Indian get dressed put on offered beneathneath the Taneira brand.

The ‘watches and wearables’ phase registered a 14 percentage boom. The jewelry commercial enterprise grew eleven percentage on-yr, with 22 new shops being brought throughout the region

A general of 111 new stores have been brought withinside the region throughout businesses, taking the overall depend to 2,362.

Shares of Titan opened decrease on January nine because the boom clocked through the employer in October-December region did not meet analyst expectations. The Street had forecast a boom of 17 percentage on-yr at the returned of robust wedding ceremony season, even as Titan said 12 percentage boom.

At 10:30am, the inventory changed into quoting at Rs 2491.25, decrease through 1.eighty percentage. It has won 15 percentage withinside the final six months.

The most boom changed into recorded through Titan in its ‘rising businesses’ category, in which the income shot up through seventy five percentage on-yr. This consists of perfume and style accessories, and Indian get dressed put on offered beneathneath the Taneira brand.

The ‘watches and wearables’ phase registered a 14 percentage boom. The jewelry commercial enterprise grew eleven percentage on-yr, with 22 new shops being brought throughout the region.

A general of 111 new stores have been brought withinside the region throughout businesses, taking the overall depend to 2,362.

Foreign brokerage company Morgan Stanley that has an Overweight score at the inventory, said: “The preliminary Q3 tendencies have been barely weaker than expected. The boom got here on a excessive base of 36 percentage in Q3FY22. Growth changed into slower withinside the 2nd 1/2 of of the yr.”

Macquarie said that the tempo of save additions changed into additionally weaker than expected. In Q1FY23, the employer had brought a hundred and twenty shops observed through ninety one in Q2FY23.

However, the company has an ‘outperform’ score at the inventory with goal raised to Rs 3250 apiece in large part at the returned of resilience in Titan’s purchaser demand.