Shares of Titan Company dipped 3 per cent to Rs 1,717.55 on the BSE in intra-day trade on Wednesday after its quarterly business update of Q1FY22 highlighted that healthy growth trajectory sustained till mid-April 2021 until lockdown disrupted demand. The company recorded revenue growth of around 117 per cent year-on-year (YoY), excluding bullion sales, in the April-June quarter of the financial year 2021-22 (Q1FY22), with revenue contribution of nearly 50 per cent, 10 per cent and 40 per cent coming from April, May and June months, respectively. The figure was, however, down 60 per cent on a quarter-on-quarter (QoQ) basis. “The company entered the quarter with a good sales momentum. The sales were hit only to a small extent until the third week of April, from the rapidly rising second wave of the pandemic, primarily due to the temporary store closures in some important states. Thereafter, most stores were shut within a short span of time and could re-open gradually in June on
Sensex, Nifty Struggle For Direction
WASHINGTON (dpa-AFX) - Indian shares struggled for direction in early trade on Wednesday, tracking weak global cues as a bout of risk aversion boosted bonds and the dollar.
The benchmark 30-share Sensex was up 4 points at 52,865, giving up early gains. The broader NSE Nifty index was down 3 points at 15,815.
Asian Paints, UPL and Bajaj Finserv all were up over 1 percent.
InterGlobe Aviation and SpiceJet were little changed. Domestic air passenger traffic in India rose 41 percent sequentially in June 2021, according to ICRA report.
Sobha surged 6.5 percent, HDFC gained 1.3 percent and RBL Bank added 1.6 percent after solid Q1 updates.
The company recorded revenue growth of about 117% (excluding bullion sales) in Q1 22, with revenue contribution of approximately 50%, 10% and 40% coming from April, May and June months respectively.
Titan Company said it entered the Q1 quarter with a good sales momentum. However, the sales were hit to a small extent until third week of April 2021, from the rapidly rising second wave of pandemic, primarily due to the temporary store closures in some important states. Thereafter, most stores were shut within a short span of time and could re-open gradually in June 2021 only, with several restrictions on operating hours and days of the week. Sale from stores that stayed open in May 2021 was muted. The company s focus was back on keeping everyone safe and few stores were proactively closed in the highly impacted towns.
Equity indices traded sideways with small gains in morning trade. The Nifty traded above the 15,800 mark. Metal and IT stocks declined while realty stocks advanced.
At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 38.89 points or 0.07% at 52,900.14. The Nifty 50 index was up 7.65 points or 0.05% at 15,825.25.
In broader market, the S&P BSE Mid-Cap index was flat while the S&P BSE Small-Cap index was up 0.14%.
The market breadth was positive. On the BSE, 1597 shares rose and 1281 shares fell. A total of 133 shares were unchanged.
The media reported that Prime Minister Narendra Modi is expected to announce cabinet reshuffle at around 6 pm on Wednesday (7 July 2021). This will be first cabinet expansion in the second term of PM Modi. The cabinet expansion is set to witness record inductions of members from OBC and scheduled caste communities, reports suggested.
Domestic equity markets opened in the red on Wednesday morning amid weak global cues ibtimes.co.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ibtimes.co.in Daily Mail and Mail on Sunday newspapers.