Today the share price of Titan Company has fallen in the stock market. This decline in Titan shares is the highest in the past 6 years. Titan's share fell to 14 percent today. At present, the stock is trading at Rs 1104 with a decline of 12 percent.
Reliance Securities has reduced the company's earnings by 3.3 percent for the year 2020. According to the report, in the financial year 2020, the revenue from the company increased from 15.8% to 22 crores. In the year 2021, the income will increase to Rs 25 thousand crore.
Titan estimates lower earnings from April to June quarter. The company told the stock exchange that in the current financial year, it is estimated to reduce consumption in the April to June quarter.
The company said that a lot of gold in June has influenced the growth of the jewellery industry. Growth in the company's jewellery segment is less than expected. In the current fiscal, Titan's jewellery segment has grown at a rate of 13 percent. The company said that in June the demand for customers has decreased due to increased gold prices.
Gold prices rose 8 percent in the month of June. There has been an increase in international prices in June at an international level. Indeed, in the US, the Federal Reserve has reduced the interest rates by reducing the interest rates. The impact of the ongoing tension between Iran and the United States also affected it. On the other hand, the agreement between the United States and China in the G20, on the other hand, has reduced the price.
The company said in the statement that there was a good growth in weddings jewellery and stud segments. Sales were also good during Akshay Tritiya. Titan said that during the quarter, the company added new showrooms of 12 Tanishqs. The 19% growth in the division of Titan watches, while the I-Weare segment grew by 13%.
At the international level, gold prices were somewhat weak. Government has increased import duty on gold and silver from 10 per cent to 12.5 per cent. This gave rise to Rs 1000 per 10 gm in gold prices in India. It will also affect the jewelery companies in the long run. Titan is a Tata Group company. Its business is spread in many segments.
