Titan surges over over 8% as Q3 profit rises to Rs 190.73 crore

Shares of Titan Company surged more than 8% on Wednesday after it reported 15% increase in standalone net profit for the third quarter ended December 31, 2014. Titan's scrip climbed 8.21% to settle at Rs 433.15 on the BSE. During the day, it surged 9.18% to touch its one-year peak of Rs 437.05. At the NSE, the stock zoomed 7.23% to end the trading session at Rs 429.60.

The company had reported a standalone net profit of Rs 165.57 crore in the corresponding quarter a year ago.

Its net sales were at Rs 2,898.28 crore during October -December quarter of 2014-15, up 9.35 per cent compared to Rs 2,650.46 crore in the year-ago period, Titan said in BSE filing.

"Titan company, with a large portfolio of brands, operating in multiple industries, grew by over over 9 per cent in the third quarter. This period, which is a festive quarter, faced heightened activity from e-commerce players, participating in this gifting season," PTI reported quoting Titan Industries Managing Director Bhaskar Bhat.

"The company is gearing up for the last quarter with launch of new products and advertising campaigns that are lined up, including activation by some of the brands," he said.

Revenue from jewellery business grew 11.21 per cent to Rs 2,347.39 crore during the quarter under review as against Rs 2,110.70 crore of the same period last fiscal.