Shares of Titan Company surged more than 8 per cent today after it reported 15 per cent increase in standalone net profit...
Shares of Titan Company surged more than 8 per cent today after it reported 15 per cent increase in standalone net profit for the third quarter ended December 31, 2014.
Titan’s scrip climbed 8.21 per cent to settle at Rs 433.15 on the BSE. During the day, it surged 9.18 per cent to touch its one-year peak of Rs 437.05.
At the NSE, the stock zoomed 7.23 per cent to end the trading session at Rs 429.60.
Following the rise in the stock, the company’s market value soared Rs 2,916.46 crore to Rs 38,454.46 crore.
The surge in Titan scrip is estimated to have made Rakesh Jhunjhunwala, who holds nearly 9 per cent stake in the company, richer by Rs 260 crore in this counter alone.
On the volume front, 7.38 lakh shares of the company changed hands at the BSE and over 62 lakh shares were traded at the NSE during the day.
Titan Company Ltd had yesterday reported 15.19 per cent increase in standalone net profit at Rs 190.73 crore for the third quarter ended December 31, 2014.
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 had said in a BSE filing.