2024-08-05 09:54:06 am | Source: Reuters
India's Tata-owned Titan slips on Q1 profit miss
Titan's shares fell 4.1% on Monday, after the Indian jeweller and watchmaker missed first-quarter profit estimates on Friday as higher gold prices hindered demand in its mainstay jewellery segment.
Titan was the top loser on the Nifty 50 index, which is down 1.68%.
The Tata group-owned company reported a 5% fall in consolidated profit to 7.15 billion rupees ($85.31 million), missing analysts' expectation of a profit of 7.65 billion rupees, as per LSEG data.
The company's revenue grew at its slowest pace in four quarters, as surging gold prices deterred demand.
Its shares are down nearly 10% so far this year, compared to a 12% gain in the benchmark Nifty 50 index.
($1 = 83.8150 Indian rupees)
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