Titan shares slip 3% intraday despite double-digit growth in Q3 sales; Kalyan Jewellers zooms over 6%

Titan Share Price NSE, Kalyan Jewellers Share Price NSE: Titan Company Limited shares slipped nearly 3 per cent intraday on Monday, notwithstanding double-digit sales growth reported by the company in its October-December quarter and buoyant stock markets. The company in its filing to the stock exchanges informed about standalone 12 per cent year-on-year growth across businesses.

Shares fell on slightly lower sales numbers than estimated by CLSA. The brokerage firm estimated a 13.4 per cent overall growth.

Titan shares opened at Rs 2,529.95 on NSE. The Tata Group’s flagship fashion and jewellery brand stock quoted Rs 2,494.85, down by 1.94 or by Rs 49 per cent at 1 pm. 

On Friday, the company in its quarterly update announced its Q3 sales figures across segments aided by healthy consumer demand which was spurred during the festive season. 

CLSA remains bullish on Titan stocks estimating a health demand outlook going ahead along with company's strong execution ability. The company has also continued its network expansion spree with addition of 129 stores. It has maintained an outperform rating on this counter with a price target of Rs 3,000. It was recommended at a price of Rs 2,538.

Titan Q3 Share Price History NSE

Titan has given a multi-bagger returns of 176 per cent in 5 years. Year to Date (YTD), the stock has declined 2.84 per cent but in the past six months the stock has gained over 15 per cent.
The 52- week range of the stock is Rs 2,791.00 apiece to Rs 1,825.05 apiece.

Meanwhile, rival Kalyan Jewellers India Limited shares shot-up over 6 per cent on the intraday basis hitting price of Rs 127.60 on the NSE.  The stock was trading at Rs 124.70, up by Rs 4.30 or Rs 3.57 around this time. Kalyan Jewellers India shares, NSE: KALYANKJIL surged in morning trade on D street after Kerala-based jewellers reported consolidated revenue growth of 13 per cent year on year in the December quarter.

Brokerage firm Citi is bullish on the counter and has tagged a 'buy' call. The brokerage has raised the target price to Rs 146 from Rs 125.

Kalyan Jewellers India Share Price History NSE

In the past six months, the stock has gained over 97 per cent. The 52- week range of the stock is Rs 134.20 apiece to Rs 55.05 apiece.

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