Titan Tanks 11% On Slowdown In Jewellery Biz; Credit Suisse Downgrades Stock

Titan Tanks 11% On Slowdown In Jewellery Biz; Credit Suisse Downgrades Stock

Tuesday, July 09, 2019
Titan Company shares plunged nearly 11 percent intraday on July 9 after the company reported a slowdown in its jewellery business in Junequarter. Consequently, Global brokerage Credit Suisse also downgraded the stock to neutral.

Its revenue in the quarter ended June 2019 grew a muted 13 percent as a sharp increase in gold prices dented consumer demand significantly. Jewellery business contributed 82 percent to total revenue in FY19.

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