Shares of the jewellery and watch retailer - Titan Company - settled 10 per cent lower, a day after the company reported 1.8 per cent rise in net profit and cut its revenue guidance to 11 per cent-13 per cent for year-on-year growth for the quarter ended September 30, 2019. On the Bombay Stock Exchange (BSE), Titan shares fell as much as 10.42 per cent to an intraday low of Rs 1,150 apiece. It finally closed 9.96 per cent lower at Rs 1,156 apiece on the BSE. On the National Stock Exchange (NSE), Titan shares opened lower at Rs 1,165 apiece and dropped to as much as Rs 1,150 apiece, marking a decrease of 10.42 per cent. It ended 10.09 per cent lower at Rs 1,154.30 on the NSE.
Titan on Tuesday reported 1.8 per cent rise in net profit at Rs 320.16 crore for the second quarter ended September 30, 2019. The company had posted a standalone profit of Rs 314.38 crore in the same quarter last year. "The jewellery business had a subdued quarter on the back of very high gold prices, recording an income of Rs 3,528 crore as compared to Rs 3,582 crore last year," Titan said in a regulatory filing on Tuesday.
Titan's income rose 0.6 per cent in second quarter to Rs 4,435 crore. The income for April to September 2019, the first half of this financial year, stood at Rs 9,375 crore, registering a growth of 7.4 per cent over last year.