Titan shares not ticking well today

Shares of Titan Company, a top retail jeweller and watch maker, fell more than 3 percent after the Tata group giant reported a tepid set of earnings that were below market expectations on the back of lower customer footfall.

Titan said its profit in the first quarter fell 14.7 percent to 151 crore rupees compared with 177 crore rupees in the same quarter a year ago. Total Income was flat at 2,709 crore rupees during the April-June quarter versus 2,691 crore rupees in the same period a year ago. Titan's operating margin fell to 8.2 percent versus expectations of 9.7 percent.

Titan said fewer customers walked into its showrooms during April-June as a poor monsoon cut into spending, especially high-end discretionary spend.

Titan dropped 3.4 percent, or 11.6 rupees, to 327 rupees on the National Stock Exchange where 27 lakh shares were traded by 2.30 pm compared with the 5-day average of 8.4 lakhs.

Titan's market capitalisation has come off 5 percent in the past one year to 29,850 crore rupees as higher discretionary spending has slowed down.

(Image credits: Indiatimes)