Titan’s market capitalization crossed over Rs 2 lakh crore on Wednesday after shares of the luxury products company touched a record high of Rs 2,361 on the BSE on the back of significant demand recovery in the September quarter. The easing of COVID restrictions, the upcoming festive season and the craze for digital gold have boosted sales of Titan. Titan is the second Tata group company after TCS to achieve the Rs 2 lakh crore milestone.
“The company saw a strong recovery in demand after the second wave in its consumer businesses, with sales sharply above or near pre-pandemic levels,” Titan said in its quarterly business update to investors.
On Wednesday, Titan reported that its sales in most divisions reached or even exceeded pre-pandemic levels in the September quarter. The jewelery segment registered a 78 per cent year-on-year growth in sales (excluding bullion sales), taking the total number of stores to 414 with 13 stores added in the quarter.
The Watches & Wearables division saw a 73 percent year-on-year sales growth and the eyewear segment, including tanira, fragrances and accessories, grew 121 percent year-on-year.
Titan still lags far behind TCS in terms of market capitalization. In August, TCS became the second listed company and the first information technology (IT) company to cross a market capitalization of Rs 13 trillion.
At 12:33 pm, shares of Titan were trading at Rs 2,369 on the BSE, up 10.35 per cent as against a one per cent rise in the benchmark indices.