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Titan share price | Market Movers: Titan adds shine to jewellery stocks; TaMo picks speed

Titan share price | Market Movers: Titan adds shine to jewellery stocks; TaMo picks speed

Market Movers: Titan adds shine to jewellery stocks; TaMo picks speed

MUMBAI: If you were in Mumbai on Thursday watching at the famous BSE building glitter, it was because of

Titan

. Yes, the jewellery maker brought some bling to the equity market, as it soared over 10 per cent following a robust performance update for the September quarter.

Titan’s jewellery pision, its biggest money maker, recorded 78 per cent year-on-year growth in the September quarter, indicating that the reopening of the economy brought Indians back to the jewellery stores ahead of the busy festive and wedding season.

The company said most of its pisions were back to pre-pandemic levels, which sets the stage for more robust growth in the December quarter when Indians usually buy gold for festivals and winter weddings.

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Stock score of Titan Company Ltd moved up by 2 in 3 months on a 10-point scale.

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Stock score of Titan Company Ltd is 8 on a scale of 10. View Stock Analysis »


Titan’s strong quarterly performance also lit up other listed jewellery companies like Kalyan Jewellers and Thangamayil Jewellery. Both the stocks ended over 10 per cent higher.

Tata Motors

gets a mood lift
Titan wasn’t the only company from the House of Tata turning heads on Dalal Street. Shares of Tata Motors soared nearly 13 per cent after brokerage firm Morgan Stanley upgraded the stock to overweight and raised the price target by 50 per cent.

Morgan Stanley’s report lifted the mood on the counter, which off late was pretty dour because of the production challenges caused by the global semi-conductor shortage. The brokerage believes investors should stop obsessing over the company’s arm JLR and instead focus on the magic happening in the domestic passenger car pision.


M&M joined the party too

Talking of cars, Mahindra & Mahindra had an uplifting announcement to share with the investors. The company said that it saw more than 25,000 bookings for its latest XUV700 in the first hour itself.

The reaction to the new launch is a reflection of the burgeoning love for sports utility vehicles among Indians as well as returning demand to the automobile sector. M&M’s shares enjoyed the update as they ended nearly 5 per cent higher.

Sobha got the boost too

Sobha Limited’s September quarter update further strengthened the case that the real estate sector has entered a booming new cycle. The company’s bookings in the September quarter surged 49 per cent year-on-years thanks to a rising appetite for residential housing in the country. Shares of the company reacted positively to the update as they surged 16 per cent.

VIX’s slump is good for you

The volatility gauge, India VIX, slumped nearly 7 per cent in the session, which coupled with the strong gains in the market is a positive for investors. The volatility gauge still sits above 16 points, which is a concern for analysts, but if today’s trend continues the index could soon move below the 15 points mark. The fall in the volatility index just ahead of the crucial outcome of the RBI’s monetary policy meeting and US jobs market report on Friday also suggested that investors are climbing the wall of worry.

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