Titan shares jump nearly 6 pc on higher June quarter sales

Shares of Titan climbed nearly 6 per cent on Thursday after the Tata group firm said its sales in the June quarter jumped almost three-fold on an annual basis.

The stock climbed 5.69 per cent to settle at Rs 2,128 apiece after a firm start on the BSE. During the day, it jumped 7.82 per cent to Rs 2,170.95.

On the NSE, shares of the company rallied 5.78 per cent to end at Rs 2,129.95 apiece.

The company's market valuation jumped Rs 10,174.89 crore to Rs 1,88,920.89 crore on the BSE.

It was the biggest gainer among the Sensex firms.

The Sensex advanced 427.49 points or 0.80 per cent to settle at 54,178.46.

In volume terms, 2 lakh shares were traded on the BSE and over 59.15 lakh shares on the NSE during the day.

The company's network expansion and campaigns continued to progress well throughout Q1 FY23, which was the non-disrupted first quarter in the last three years, Titan said in its quarterly updates.

''Sales in Q1 FY23 grew 205 per cent year-on-year (YoY) on a low base and clocked a 3-year CAGR of 20.5 per cent over Q1 FY20,'' it said.

While its jewellery division, which contributes around 85 per cent of its revenue, reported 207 per cent growth and added 19 new stores during the quarter, taking the total store count to 463.