Titan Company shares were trading higher in morning trade on Friday after reports that the company is working on making affordable smart watches for the mass market. Of late, the company had launched its second smart watch — JUXT Pro — priced at Rs 22,995 with fully loaded features. The company is also planning to start exporting the JUXT Pro to Singapore, Malaysia and West Asia by next quarter. The company launched its first smart watch JUXT and it has sold around 10,000 units in India since its launch in January. At 10.28 am, shares of Titan Company were trading 0.98 per cent up at Rs 400.20. The scrip opened at Rs 396.30 and has touched a high and low of Rs 402.25 and Rs 396.30, respectively, in trade so far. Later, the scrip of the company ended 2.46 per cent up at Rs 406.05.
In the past one year, shares of the company have risen 20.93 per cent to Rs 396.30 till August 25, whereas BSE Sensex gained 6.93 per cent during the same period. The scrip hit its 52-week high of Rs 434.95 on July 15, 2016 and 52-week low of Rs 303 on October 1, 2015.
For the quarter ended June 30, 2016, the company reported a net profit of Rs 126.69 crore, down 16.35 per cent against Rs 151.45 crore in the corresponding quarter a year ago. Net sales of the company increased by 3.56 per cent year-on-year to Rs 2782.50 crore from Rs 2686.76 crore in the same quarter last year.
Promoters hold 53.05 per cent stake in Titan Company, while public hold 46.95 per cent stake, according to the data available with BSE.
Brokerage firm ICICI Securities is bullish on Titan with price target of Rs 488. The brokerage house in a research note said, “We expect Titan as well as PC Jewellers (PCJ) to benefit from the shift from unorganised to organised jewellery retailing. Launches of new designs and aggressive network expansion will sustain the growth tempo. We believe Titan as well as PCJ provide good entry points considering high growth momentum in the quarters ahead, and poised to win from structural shift over long term.”