Jan 7 (Reuters) - Indian jewellery stocks surged on Wednesday after reporting strong quarterly sales growth, driven by higher average selling prices for gold and robust festive-season demand.
Shares of Kalyan Jewellers rose 5%, while Titan Company climbed 4.2% to be the top Nifty 50 percent gainer, following a sharp increase in third-quarter revenue supported by festivals-led large-ticket purchases and a richer premium product mix.
Senco Gold jumped as much as 14% and was on track for its biggest intraday gain in 20 months after reiterating confidence in achieving more than 25% annual growth for fiscal 2026 and reporting a 51% year-on-year surge in December-quarter sales.
(Reporting by Urvi Dugar in Bengaluru; Editing by Sumana Nandy)
Titan Company Limited specializes in the design, manufacture and marketing of watches, jewellery, eyewear and fashion accessories. Net sales break down by product family as follows:
- jewellery items (88.5%): gold jewellery decorated with diamonds and precious stones, pure gold and platinum jewellery (Tanishq, Zoya, Mia, Carat Lane and Gold Plus brands);
- watches (7.3%): sold under own brands (Titan, Fastrack, Sonata, Favre Leuba, Xylys and Nebula), and under license brands (Tommy Hilfiger, Police, FCUK, Annie Klein, Kenneth Cole and Esprit);
- eyewear (1.7%): eyeglasses, sunglasses, frames, lenses and contact lenses (Titan Eye Plus, Titan, Fastrack and Glares brands).
The balance of net sales (2.5%) concerns the distribution activities of perfumes (Skinn by Titan brand), saris (Taneira Sarees brand) and fashion accessories, as well as the manufacture of precision engineering products and industrial machinery.
Products are marketed through a network of 1,909 exclusive stores located in India, over 7,000 multi-brand outlets and via the Internet.
At the end of March 2021, the group had 11 production sites in India.
India accounts for 99.5% of net sales.
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