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The June Quarter Jewelry Sales of Titan Were Better Than Envisaged
- 12th Jul 2020
Titan Company Limited (prior known as Titan Industries Limited) is an Indian customer merchandise organization that principally makes style adornments, for example, watches, jewelry, and eye wear. Some portion of the Tata Group, the organization is headquartered in Bangalore. It initiated activities in 1984 under the name Titan Watches Limited. In 1994, Titan enhanced into gems with Tanishq and in this way into eyewear with Titan Eyeplus. In 2013, Titan entered the scents fragment with the brand Skinn and soon thereafter, it wandered into the helmet classification under its image Fastrack.
Titan, the main sorted out player in the gold jewelry business, has said its jewelry division income in May and June were at somewhat underneath 20% and around 70% contrasted with the relating a period of the previous year in a quarterly update for FY21.
The recuperation in the division has been "better than originally envisaged on the back of higher share of wedding jewelry sales despite the deferment of many weddings, good sales coming from GHS scheme, and investment led demand leading to higher gold coin sales. The contribution from Gold exchange scheme was not unusually high and remained in line with last year," Titan management said.
Titan included that Average ticket costs had gone up driven by higher wedding adornments and higher gold costs. As the gold costs have been rising constantly for a year ago, the division has additionally propelled a ‘Gold rate protection scheme’, whereby clients can buy gold coins and trade the equivalent at any store for adornments at the predominant rate until 30th November 2020, for a full discount of the creation charges paid on the coins.
The division has re-opened around 95% of its Tanishq stores till date. Notwithstanding, tasks of stores will in general get upset as and when nearby governments implement lockdowns.
The Titan stock exchanged level at Rs 1016.5 each on the NSE at the hour of composing.
The Jewelry division of the organization that incorporates brands, for example, Tanishq additionally sold gold in the bullion market worth Rs 610 crore at market rates to "optimize” stock levels.