Titan Company share top loser on Sensex, Nifty after Q1 loss

Titan Company share price was the top loser on Sensex and Nifty in early trade today after the luxury goods firm reported a net loss of  Rs 297 crore in June quarter, impacted by lower income due to the COVID-19 pandemic. The firm reported a net profit of  Rs 364 crore in the corresponding period of the preceding fiscal.

Share price of Titan Company fell 4.05% or Rs 45 to Rs 1062 against previous close of Rs 1,107 on BSE.

Market cap of the firm declined to Rs 94,371 crore. The large cap stock opened with a loss of 3.14% at Rs 1060 on BSE. On  Nifty, the stock lost 4.38% to  Rs 1059 against previous close of Rs 1107 on NSE.

Titan Q1 results: Firm reports first-ever quarterly loss of Rs 270 crore amid coronavirus crisis

The large cap stock is trading higher than 20 day, 50 day and 100 day moving averages but lower than 5 day and 200 day moving averages. Share price of Titan Company has gained 10.23% in the last one month. The stock is down 10.74% since the beginning of this year and fallen 0.7% during last one year. Total 1.16  lakh shares of the company changed hands amounting to turnover of Rs 12.45 crore.

Total income in Q1 fell 61.21% to ?2,020 crore compared to ?5,208 crore in corresponding period of previous fiscal. Titan Company said the disruption caused by the COVID-19 pandemic affected its performance severely, with retail outlets closed for a major part of the quarter, resulting in a decline in income.

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