Titan Company

By Praveen Paramasivam

July 13 (Reuters) - Jewellery chain BlueStone BLUT.NS plans to more than double its store network and nearly double its retail workforce by fiscal 2030, with most new outlets set to open on India's high streets as premium mall space remains limited, its CEO said.

India has about 110 million square feet of Grade A mall stock, compared with more than 400 million in China and over 700 million in the United States, data from property consultancy Anarock showed, underscoring the shortage that is pushing retailers towards high streets.

"We are fairly saturated," BlueStone Jewellery and Lifestyle CEO Gaurav Singh Kushwaha told Reuters, adding that the company was already present in about 90% of India's "quality malls" and three-fourths of future stores would be on high streets.

The Prosus-backed jewellery retailer, which sells products including rings, earrings, necklaces and bangles, aims to raise its store count to 705 from 340 and increase revenue to 120 billion rupees ($1.25 billion) by fiscal 2030 from 23.42 billion rupees in fiscal 2026. It also plans to expand its retail workforce to 4,000 from about 2,100.

Kushwaha said there were not enough malls in India, while citing Tata Group's Tanishq, which has more than 500 stores, as evidence jewellers could expand on high streets, unlike fashion and luxury brands that rely on mall footfall.

Brands, including WestBridge Capital-backed Wooden Street and Asics 7936.T, have also pointed to a shortage of premium retail space, particularly in major cities where mall supply has lagged demand.

BlueStone, like peers Kalyan Jewellers KALN.NS and Titan TITN.NS, is pressing ahead with its expansion despite volatile gold prices, which have made some smaller jewellers more cautious about opening stores.

"I hope it stays range-bound, doesn't go up, doesn't go down much," Kushwaha said. "That's the best environment to do business."

($1 = 95.7675 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Subhranshu Sahu)

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** Shares of Titan Company TITN.NS rise 0.7% on Friday to 4587.4 rupees

** For the week, jewellery and watches maker is up 2.8%, posting its second-straight weekly gain

** On Monday, TITN says its consumer businesses posted growth of 41% in Q1, beating analyst expectations

** Titan sees its highest weekly volumes in eight weeks

** YTD, stock up 13% vs a 7% drop in benchmark Nifty 50 .NSEI

(Reporting by Nishit Navin in Bengaluru)

(([email protected]))

** India's jewellery and watches maker Titan's TITN.NS consumer businesses posted growth of 41% in Q1, driven by a 39% rise in its core domestic jewellery business and an over two-fold jump in international business

** Shares of Titan rose 3% to 4,618 rupees

STREET VIEW

** Citi ("Buy," PT: 5,075 rupees) says domestic jewellery growth excluding bullion sales came in ahead of its estimates

** BofA Securities ("Buy," PT: 4,830 rupees) says the quarter had started on a "good note" and described the 41% growth as slightly ahead of expectations

** UBS ("Buy," PT: 5,600 rupees) says growth across Tanishq, Mia, Zoya, CaratLane, and international segments beat expectations by a wide margin

** Macquarie ("Outperform," PT: 5,000 rupees) says pickup in buyer growth in the jewellery segment paints a constructive outlook for future quarters

** Bernstein ("Outperform," PT: 5,000 rupees) says the update demonstrated the "strength of the franchise"

(Reporting by Vijay Malkar in Bengaluru)

(([email protected]; Mobile: +91 8097833031;))

July 6 - India's Titan TITN.NS on Monday reported a 41% uptick in its first-quarter consumer business, after healthy festival demand helped boost sales in its mainstay jewellery business.

The company, which houses brands like Tanishq and Mia, added 77 stores in the three months ended June 30, 2026, taking its total store count to 3,680.

• Titan's jewellery business posted 39% growth across the portfolio domestically amid healthy demand despite high gold prices.

• The business found strong traction in North America and clocked double-digit growth in the GCC region — contributing to Titan's 128% growth in these markets, compared with 37% domestic growth.

• Emerging business, including fragrances, women's bags and premium ethnic brand Taneira, grew 19%.

• Brokerage firm Citi had noted that Titan remained an outlier in demand despite high gold prices and competition from other brands.

• The quarterly update adds to signs that discretionary spending in India remained resilient despite elevated gold prices and uneven urban consumption.

(Reporting by Saikeerthi in Bengaluru; Editing by Joyjeet Das)

(([email protected]; (+91) 8296756080))

** Shares of Titan Company TITN.NS rise 1.7% to 4,481.20 rupees

** Citi upgrades stock to "buy" from "neutral" with PT of 5,075 rupees, sees strong jewellery demand resilience

** Flags Titan as "outlier" in demand despite high gold prices and competition

** Brokerage introduces positive 90-day catalyst watch, citing earnings visibility

** Expects better product mix, with faster growth in studded jewellery

** Goldman Sachs warns falling gold prices could delay purchases short term

** However, brokerage sees margin expansion, cash-flow gains as key upside from lower gold prices

** Avg rating of 35 analysts on TITN at "buy"; median PT is 5,030 rupees - LSEG-compiled data

** YTD, stock up 10.6% vs Nifty 50's .NSEI 9.9% drop

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Indian jeweller Titan Company TITN.NS said at an analyst meet on Thursday it expects to double revenue and EBIT over FY26-30, driven by growth across its jewellery, watches and eyewear businesses

** Shares climb as much as 1.02% to 4,274 rupees, last up 0.38%

POISED TO GAIN MARKET SHARE

** Emkay ("add"; TP:4,750 rupees) expects pressure in jewellery business to be offset by a stronger outlook in watches, eyewear and TEAL

** Goldman Sachs says TITN's FY26-30 guidance is strong and could make it one of India's fastest-growing consumer companies, despite investor concerns over its high growth base

** Nomura ("buy"; TP: 5,000 rupees) expects watches, eyewear and emerging businesses to be key growth drivers through FY30; flags high gold prices as a risk to sales growth

** HSBC ("buy"; TP: 5,250 rupees) says TITN remains a compelling investment case despite near-term regulatory uncertainties

** CLSA ("outperform"; TP: 4,247 rupees) says TITN is well positioned to gain market share, as unorganised jewellers struggle amid volatile gold prices

(Reporting by Devika Nair in Bengaluru)

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, June 2 (Reuters Breakingviews) - Forcing an initial public offering of the Tata conglomerate's holding company would be a clumsy application of rules designed to reduce shadow banking risks. It could also sting the Indian government as it would curb the financial flexibility of the $270 billion cars-to-chips group when New Delhi most needs agility from its corporate behemoths.

A listing risk has hung over Tata Sons since 2021, when the Reserve Bank of India refreshed its rulebook, following the collapse of Infrastructure Leasing & Financial Services, a major non-bank lender. The RBI enhanced capital requirements for large shadow banks and mandated listings to increase transparency. Tata Sons is registered as a core investment company, which the RBI counts as a category of shadow banks.

Tata Sons has since taken extensive steps to address potential risks. Last year it completed a $13 billion IPO of Tata Capital TATC.NS, a small non-bank financial company; cut its quasi-lending exposure by reducing the value of so-called “letters of comfort” issued to subsidiaries’ creditors by 60% in the two years to March 31, 2025; and moved from a net debt to net cash position as of March 2024. Yet the RBI’s latest update implies Tata Sons will still need to list after July 1.

The latest pushback comes from Noel Tata, chair of Tata Trusts which owns 66% of Tata Sons. He's written to the RBI saying a listing would shift the holding company’s priorities from long-term institution-building to catering to shorter-term market expectations, Moneycontrol reported on June 1, citing people familiar with the matter.

That's a real risk; Tata's big bet on building an indigenous chip industry may not have materialised if Tata Sons was a public company. What's more, a Tata Sons IPO would not significantly increase transparency. Most of its large investments already trade as public companies, including $85 billion Tata Consultancy Services TCS.NS, $38 billion Titan TITN.NS and $15 billion Tata Motors TAMO.NS.

But a forced IPO would crystallise a huge conglomerate discount. For investors, owning a holding company is usually less attractive than buying listed subsidiaries that provide direct exposure to a desired industry. In Asia, these discounts can be as high as 50%: Tata Sons held assets worth an estimated 1.75 trillion rupees ($18.42 billion) as of March 2025.

To be sure, Tata Sons has its problems. Minority shareholder Shapoorji Pallonji Group wants liquidity for its 18% stake and skirmishes among Tata Sons board members have intensified since the death of Ratan Tata, the group's chair emeritus. The RBI diktat is making matters worse.

New Delhi may also stand to lose from broadening out Tata Sons' shareholder base. The group's 2022 purchase of Air India, the bleeding national carrier that has lurched from crisis to crisis, would have been hard to justify to external investors. On balance, an IPO would enforce rules to the letter but achieve little else.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Tata Trusts Chair Noel Tata has written to the Reserve Bank of India opposing any potential listing of Tata Sons, news website Moneycontrol reported on June 1, citing unnamed people directly aware of the matter. He argued that going public could alter the long-term character of the Tata group’s holding company and disrupt the philanthropic objectives of the Trusts, the report added.

The RBI on April 29 expanded the definition of 'public funds' in its regulations for non-banking financial companies. The updated rules state that investment companies that have access to public funds indirectly through group entities or associates will not be exempted from the requirement to go public if they hold assets worth at least 1 trillion rupees ($10.5 billion).

The rules will come into effect on July 1.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

By Rajendra Jadhav and Nimesh Vora

MUMBAI, May 11 (Reuters) - Shares of Indian jewellery retailers tumbled on Monday after Prime Minister Narendra Modi urged people to refrain from buying gold for a year to protect foreign exchange reserves, stoking fears that tariff hikes to curb imports of the metal may be in the offing.

The Iran war has sent oil prices surging and that in turn has resulted in mounting pressure on India's balance of payments and the rupee. India is the world's third-largest oil importer and consumer, meeting more than 90% of its crude oil needs and about half of its natural gas demand through imports.

Modi's remarks about gold on Sunday came in tandem with a range of other measures urged, including fuel conservation, increasing working from home and limits on travel and imports.

Gold is in high demand in India, particularly for weddings with gold jewellery seen as a crucial part of a bride's attire and a popular gift from family and friends. While it is the world's second-largest gold consumer, India relies on imports to meet nearly all of its demand.

Shares of jewellery makers such as Titan TITN.NS, Senco Gold SENC.NS and Kalyan Jewellers KALN.NS fell between 6% and 8% on Monday.

"There are concerns that the government might sharply increase import duty on gold for a year to discourage imports," said Surendra Mehta, national secretary at the India Bullion and Jewellers Association. "Duties could be raised even higher than levels seen in recent years."

In 2012 and 2013, New Delhi hiked tariffs on gold imports to stabilise a rapidly depreciating rupee. Now, jewellers fear that duty cuts made in 2024 to 6% from 15% to curb smuggling could soon be reversed.

A government source said on Monday, however, that the India has no plans raise duties on gold and silver imports.

India's balance of payments is expected to deteriorate sharply this fiscal year to a deficit of about $66 billion to $70 billion, compared with an estimated $26 billion to $28 billion in 2025-26.

Pressure on the rupee has prompted the central bank to sell the dollar and limit the size of trading positions that banks can take. It has also clamped down on arbitrage trades.

(Reporting by Rajendra Jadhav and Nimesh Vora; Editing by Mayank Bhardwaj and Edwina Gibbs)

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Recasts paragraph 1; Adds shares in paragraph 8, executive comment in paragraph 3

By Praveen Paramasivam

May 8 (Reuters) - India's Titan TITN.NS on Friday forecast up to 20% annual revenue expansion over the next five years, as the country's top jeweller by sales banks on resilient demand for gold.

Large jewellery groups in India are benefiting from a rising affluent population, with branded chains, including Kalyan Jewellers KALN.NS and Titan's Tanishq, gaining share from independent stores.

"(Near term), 15% to 20% (revenue growth) is something that we ought to do. If we don't do that much, we won't be doing justice," Ajoy Chawla, Titan managing director, told analysts, citing the strength of large chains and India's consumption growth.

However, rising gold prices due to macroeconomic and geopolitical uncertainty have increased costs for the sector, with Titan reporting a 46-basis-point hit to profit margin, which was at 5.8% in the fourth quarter.

The Tata Group company's expenses surged 85% and profit rose 35% to 11.79 billion rupees, which missed analyst expectations, according to LSEG data.

The company posted high single-digit buyer growth, compared with near-flat growth in the previous three quarters.

Overall sales of products jumped 48% to 206.07 billion rupees ($2.18 billion), led by a 46% advance in its mainstay domestic jewellery business.

In 2025-26, Titan crossed 750 billion rupees in annual revenue for the first time, a 34% surge as gold prices surged.

Shares closed up nearly 5% at 4,509 rupees after the results, taking their yearly advance to more than 11%, outperforming an about 7% decline in the benchmark Nifty 50 index .NSEI.

Consumer goods consultant Akshay D'Souza said "the market is rewarding" continued growth in Titan's jewellery business and its steady retail expansion. Fiscal year 2027 could see healthier margins as gold prices stabilise, he added.

Separately, Kalyan Jewellers reported a sharp rise in quarterly profit on Friday.

($1 = 94.4350 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Harikrishnan Nair)

(([email protected]; +91 867-525-3569;))

** Shares of Indian jeweller Titan TITN.NS down 0.5% to 4471 rupees

** Co posted a 42% rise in domestic sales for the fourth quarter

UNDERLYING BUSINESS MOMENTUM STRONG

** Brokerage Nomura says another quarter of strong performance, like-for-like sales growth was healthy

** We maintain Titan as one of our top picks- Nomura

** We see Titan as a key beneficiary of the rising affluent and elite income population in India- Nomura

** Brokerage BofA says Q4 update solid, underlying business momentum strong

** Brokerage Macquarie says jewellery segment "surprises positively"

** TITN rated "buy" on avg by 35 analysts covering it; median PT at 4917 rupees- data compiled by LSEG

** YTD, TITN up 10.5%

(Reporting by Komal Salecha in Bengaluru)

(([email protected]))

April 8 (Reuters) - Shares of Indian jeweller Titan Company TITN.NS rose as much as 5.7% to hit a record high on Wednesday after posting a 42% rise in quarterly domestic sales, driven by higher average selling prices for gold and a rise in buyer volumes.

Titan's mainstay jewellery business, which accounts for over 90% of its revenue, grew 46% year-on-year, the company said in a business update for the quarter ended March 31.

Spot gold prices XAU= rose nearly 8% during the quarter.

(Reporting by Komal Salecha in Bengaluru; Editing by Sonia Cheema)

(([email protected];))

** Shares of Titan TITN.NS rise as much as 3.42% to 3,985 rupees

** CLSA maintains "Outperform" rating while raising PT to street high of 4,996 rupees from 4,684 rupees - data compiled by LSEG

** Indian jeweller expected to post 43% y/y consol sales growth in 4QFY26, driven by ~58% jewellery growth and supported by an 82% y/y rise in gold prices on avg during the quarter

** Jewellery growth should remain strong despite fewer wedding days, though EBIT margins may soften to ~10.4% as Titan offers discounts to spur demand

** CLSA notes slightly lower q/q jewellery margins due to higher gold prices and discounting, but sees robust underlying demand

** YTD, TITN down

(Reporting by Urvi Dugar in Bengaluru)

(([email protected];))

Feb 11 (Reuters) - Titan Company Ltd TITN.NS:

• COMFORTABLE OF LOGGING DOUBLE DIGIT PERCENTAGE PROFIT GROWTH IN Q4

Further company coverage: TITN.NS

(([email protected];))

Feb 10 (Reuters) - Titan Company Ltd TITN.NS:

• TITAN CO Q3 CONSOL NET PROFIT 16.84 BILLION RUPEES

• TITAN CO Q3 CONSOL SALE OF PRODUCTS 249.15 BILLION RUPEES

Source text: [ID:]

Further company coverage: TITN.NS

(([email protected];))

By Rajendra Jadhav

MUMBAI, Jan 21 (Reuters) - Gold premiums in India surged past $100 an ounce on Wednesday for the first time in more than a decade, with silver premiums at a record high, as traders priced in possible curbs on precious metals imports to shore up the rupee.

Bullion dealers charged a premium of up to $112 per ounce over official domestic gold prices – inclusive of 6% import and 3% sales levies – the highest since May 2014. Last week, dealers offered a discount of up to $12.

Silver premiums surged to $8 per ounce, surpassing the previous peak of $5 scaled in October.

India is the world's second-largest consumer of gold and the largest consumer of silver. The rupee slipped to a record low of 91.7425 against the U.S. dollar on Wednesday.

"People are speculating that the government may raise import duties on gold and silver to curb imports in the budget," said Chanda Venkatesh, managing director of Hyderabad-based bullion merchant CapsGold.

"Anticipating the hike, traders are charging premiums over record prices."

Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2026/27 on February 1. She had slashed import duties on gold and silver to 6% from 15% in July 2024 to curb smuggling.

India meets most of its gold and silver demand through imports, which have surged in recent months, widening the trade deficit and putting pressure on the rupee INR=.

Local gold prices MAUc1 soared to an all-time high of 158,339 rupees per 10 grams, while silver MSVc1 surged to a record 335,521 rupees per kilogram. GOL/

"Traders with short positions were squeezed as prices rose, forcing them to buy to close their positions," said Prithviraj Kothari, president, India Bullion and Jewellers Association (IBJA).

While jewellery demand is down, investment in coins, bars, and exchange-traded funds has surged, Kothari said.

"Supply hasn't kept up. This shortage is causing sellers to charge higher premiums," said Chirag Thakkar, chief executive of Amrapali Group Gujarat, a leading importer.

The industry is concerned that the government may take steps to restrict bank funding currently used by jewellers for gold and silver imports, a move that is also lifting premiums on both metals, said Surendra Mehta, secretary, IBJA.

India's Ministry of Commerce and Industry did not immediately respond to a Reuters request for comment.

(Reporting by Rajendra Jadhav; Additional reporting by Aftab Ahmed; Editing by Harikrishnan Nair)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

Jan 20 (Reuters) - Indian jewellery retailer Tribhovandas Bhimji Zaveri TBZL.NS reported a 170% surge in third-quarter profit on Tuesday, buoyed by strong festive demand and higher store footfalls during the peak wedding season.

The company's net profit rose to 806.3 million rupees ($8.86 million) in the October-December quarter from 298.8 million rupees a year earlier.

Quarterly revenue rose 14.4% to 10.61 billion rupees.

The December quarter typically accounts for about a third of gold sales in the world's second-largest gold consumer, as it not only comprises festival days that are considered auspicious for gold purchases but it also coincides with the start of the wedding season.

Climbing gold prices also meant customers turned to the bullion for investment.

Spot gold prices XAU= rose nearly 12% during the quarter, driven by geopolitical uncertainties, rate cuts and robust central bank buying.

The sector has benefited from higher disposable incomes, supported by fiscal measures such as the goods and service (GST) tax cuts and income tax relief, which have left consumers with more spending power on discretionary purchases such as gold.

Peers such as Titan TITN.NS, Kalyan Jewellers KALN.NS and Senco Gold SENC.NS have reported robust quarterly sales growth, underlining broad-based sector strength.

OCT-DEC STOCK PERFORMANCE COMPARISON FOR PEERS

-- All data from LSEG

($1 = 90.9640 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru; Editing by Janane Venkatraman)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

** Titan Company TITN.NS gains 4.4% for the week, the most since May 2025

** Stock is top percentage gainer on the benchmark Nifty 50 index .NSEI, which is down 2% for the week

** Stock set for fifth straight week of gains

** On the day, TITN down 0.36% to 4,233 rupees

** Earlier this week, co reported 40% y/y jump in Q3 overall sales; rev of biggest segment, jewellery, up 41%

** Centrum Broking says co's Q3 update "largely positive"

** TITN rated "buy" on avg by 33 analysts covering it; median PT at 4,346 rupees - data compiled by LSEG

** In 2025, TITN gained ~25% vs Nifty 50's ~11% rise

(Reporting by Komal Salecha)

(([email protected];))

Recasts headline, adds paragraph 8-11

By Vivek Kumar M

Jan 7 (Reuters) - Shares of Indian jewellery retailers surged after companies reported strong sales growth for the December quarter, driven by robust festive-season demand even as gold prices soared.

Shares of Titan Company TITN.NS climbed 4.8% to hit record high of 4,307.80 rupees after the company reported a 40% jump in sales.

Kalyan Jewellers KALN.NS and Senco Gold SENC.NS also jumped 3.7% and 12.2 %, respectively, after their quarterly sales update.

Spot gold prices XAU= rose nearly 12% during the quarter, to close out a calendar year in which the precious metal clocked its steepest rise since 1979 , driven by geopolitical uncertainties, rate cuts and robust central bank buying.

"Higher prices did have an impact on volumes, but not on (overall) spending," said Dharmesh Kant, head of equity research at Cholamandalam Securities.

Kant added that jewellery companies also benefitted from higher cash in the hands of people as a result of fiscal policies like GST cuts and income tax relief, as well as low inflation.

Among other companies in the sector, PC Jewellers PCJE.NS and Thangamayil Jewellery THNG.NS gained 5.2% and 7.1%, respectively, while Tribhovandas Bhimji Zaveri TBZL.NS surged 10.5%.

Titan Company was the top percentage gainer on the benchmark Nifty 50 .NSEI index, while other stocks were among top gainers in the broader indexes.

CLSA said Titan's sales growth in the third quarter was robust in the context of an exceptional rise in gold prices.

Analysts said the company's gold exchange offer to counter higher prices aided sustained consumer engagement. Nomura, however, cautioned that this could weigh on its margins.

Kant said the sector remains on a strong footing as wedding season sales will likely support growth in the near term.

(Reporting by Urvi Dugar and Vivek Kumar M in Bengaluru; Editing by Sumana Nandy and Ronojoy Mazumdar)

(([email protected]; +91 9558725583;))

BENGALURU, Jan 6 - India's Titan Company TITN.NS on Tuesday reported a 38% rise in domestic sales for the third quarter, helped by skyrocketing bullion prices.

Titan's jewellery business, which accounts for nearly 88% of its revenue, grew 41% year-on-year, the company said in a business update for the quarter ended December 31.

Spot gold prices XAU= rose nearly 12% during the quarter in a year in which the precious metal clocked its steepest rise since 1979, driven by geopolitical uncertainties, rate cuts and robust central bank buying.

(Reporting by Komal Salecha in Bengaluru; Editing by Sahal Muhammed)

(([email protected]; 6354975591))

** Shares of Titan Company TITN.NS rise as much as 1% to record high of 4,031.70 rupees

** Jeweller and watchmaker launched "beYon – from the house of Titan" on Friday, marking its entry into lab grown diamonds

** Co launches the brand's first retail store in Mumbai on Monday with 2 more stores planned in near term

** ICICI Securities says TITN's strong retail and distribution network will position it well for faster scale-up

** Management has grown more receptive to segment over the past year, a positive shift given its strong brand portfolio, including CaratLane, Zoya and Mia - Morgan Stanley

** Citi expects lab grown diamonds retail to stay highly competitive with uncertain profitability, making store expansion cautious and long-term growth unclear

** YTD, TITN up ~24%

(Reporting by Urvi Dugar in Bengaluru)

(([email protected];))

Dec 26 (Reuters) - Titan Company Ltd TITN.NS:

• TO LAUNCH FIRST LAB GROWN DIAMOND STORE IN MUMBAI

Source text: ID:nBSE20FWFP

Further company coverage: TITN.NS

(([email protected];;))

Nov 3 (Reuters) - Titan Company Ltd TITN.NS:

• Q2 CONSOL NET PROFIT 11.20 BILLION RUPEES; IBES EST. 10.28 BILLION RUPEES

• Q2 CONSOL SALE OF PRODUCTS 164.61 BILLION RUPEES

• APPOINTS AJOY CHAWLA AS MANAGING DIRECTOR FROM JAN 2026

Source text: [ID:]

Further company coverage: TITN.NS

(([email protected];;))

** Shares of jeweller Titan Company TITN.NS rise 3.6% to 3,536 rupees; Nifty 50 .NSEI marginally down

** Co posted 18% rise in Q2 domestic sales

** Rev growth "significantly" ahead of estimates - Investec

** Early festive season, attractive offers drove healthy growth - J.P.Morgan

** Brokerages expect margins to stay under pressured on high marketing spends

** CLSA remains "positive" on TITN over medium term

** Stock rated "buy" on avg by 35 analysts covering it; median PT at 3,965 rupees - data compiled by LSEG

** YTD, TITN up nearly 9% vs Nifty 50's 6.2% rise

(Reporting by Komal Salecha)

(([email protected];))

Adds graphic

Oct 7 (Reuters) - India's Titan Company TITN.NS reported an 18% rise in domestic sales in the second quarter on Tuesday, slower than the 25% it registered during the same period last year, as soaring gold prices stunted demand for higher carat jewellery.

The jewellery business, which contributes close to 90% of overall revenue, grew 19% year-on-year, the Bengaluru-based company said in its business update for the quarter ended September 30.

Spot gold prices XAU= rose 16.4% in the quarter as investors fled to the safe-haven commodity amid global economic volatility.

Higher gold prices have led to a "marginal year-on-year decline" in buyer count, the company said, even as ticket prices rose as fewer customers bought more expensive items.

Studded jewellery in Titan's Tanishq, Mia and Zoya portfolio collectively grew in the mid-teens, outpacing growth in plain gold jewellery, the company said.

Investment-grade gold coins continued their strong run for the quarter, the company said, as Indians chose to invest in the bullion as a store of value. However, since coins yield lower profit margins than jewellery, the shift has constrained overall margin growth in recent quarters.

The company's watches business, second-largest by revenue, clocked sales growth of 12%. The analog segment grew by 17%.

The international business grew 86% year-on-year, led by Tanishq more than doubling its business in the United States, the company added.

(Reporting by Ananta Agarwal and Urvi Dugar in Bengaluru; Editing by Harikrishnan Nair)

(([email protected];))

By Rajendra Jadhav and Brijesh Patel

NEW DELHI, Sept 15 (Reuters) - Gold demand in India this festive season is expected to be weaker than last year, as record-high prices are likely to curb jewellery purchases, outweighing modest gains in investment demand.

Weaker demand in the world's second-largest gold consumer could limit a rally in global prices XAU=, which hit a record high last week. But sluggish demand for gold imports could limit India's trade deficit and support the rupee.

Local gold prices MAUc1, which scaled a record peak of 109,840 rupees per 10 grams last week, have risen 42% year-to-date, after gaining 21% in 2024.

"Consumers have a fixed budget, and it's not keeping up with rising prices. We're expecting demand to fall by about 10%-15% in volume," Amit Modak, chief executive of PN Gadgil and Sons, said on the sidelines of the India Gold Conference in New Delhi.

Indians will celebrate Dussehra and Diwali in October, festivals during which buying gold is considered auspicious.

The December quarter typically accounts for about a third of India's gold sales, as it coincides with the start of the wedding season and festivals.

Gold demand in the December quarter last year stood at 265.8 metric tons, boosted by a price correction just ahead of the festive season after New Delhi slashed import duties on the metal to 6% from 15% in a bid to tackle smuggling.

Consumer sentiment has improved in the last few weeks despite rising prices, and in value terms, demand will still be much higher even if volumes decline, said Sachin Jain, CEO of the World Gold Council's Indian operations.

Besides, investment demand, especially through exchange-traded funds (ETFs), has been rising as gold has been delivering better returns than competing asset classes, Jain added.

Retail gold buying could get a boost from the government's move to cut goods and services tax (GST) on consumer items, as this will leave people with more disposable income, Harshad Ajmera of wholesaler JJ Gold House in Kolkata.

Earlier this month, India announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand.

(Reporting by Rajendra Jadhav and Brijesh Patel; Editing by Sumana Nandy)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

Aug 25 (Reuters) - Titan Company Ltd TITN.NS:

• TITAN CO - APPROVED APPOINTMENT OF PUNEET CHHATWAL AS ADDITIONAL DIRECTOR ON BOARD

Source text: ID:nnAZN4ESQ80

Further company coverage: TITN.NS

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** Indian jeweller and watchmaker Titan Company TITN.NS posts 52.5% y/y jump in Q1 profit, benefiting from higher gold prices; revenue up 21%

** At least seven analysts raise PT; median PT at 3,888 rupees vs 3,876 rupees a month ago

** TITN trading flat at 3,437 rupees

JEWELLERY GROWTH MODERATION AMID GOLD'S SURGE

** Emkay ("Reduce"; PT at 3,350 rupees) says jewellery growth may soften in FY26 amid soaring gold prices, intense competition, high base

** Ambit ("Sell"; raises PT to 3,357 rupees from 3,219 rupees) sees high base, gold price inflation curbing growth for rest of FY26

** Antique ("Buy"; raises PT to 4,615 rupees from 4,195 rupees) optimistic about co's medium-to-long term, citing market share gains from brand strength, execution, store expansion

** AMSEC Research ("Buy"; PT: 4,285 rupees - 25% upside) says focus on premiumisation, channel expansion, brand investments to help compound value at double-digit rates in long-term

(Reporting by Yagnoseni Das in Bengaluru)

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** Indian jewelry and watchmaker Titan Company TITN.NS trading 0.5% lower at 3399.60 rupees in a weak broader market after the U.S. hiked tariffs on India to 50% .BO

** Four analysts expect the company to report a nearly 30% rise in consolidated profit after tax as high gold prices raise average ticket values

** Titan's domestic revenue rose 19% y/y in Q1, the company said in a business update

** Its jewelry business, which contributes almost 90% to the topline, grew 18% y/y but missed analysts' expectations, as consumers traded down to cheaper, lower carat jewelry amid higher prices

** Brokerage Emkay flags a weaker revenue mix, with higher growth in low-margin investment-grade coins and lower growth in high-margin studded and plain-gold jewelry amid higher gold prices

(Reporting by Ananta Agarwal in Bengaluru)

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Adds IPO launch date in paragraph 4, details on issue of specified securities in paragraph 6

Aug 5 (Reuters) - India's Bluestone Jewellery and Lifestyle BLUT.NS has trimmed the size of its initial public offering, a prospectus showed on Tuesday.

The Accel India-backed company will now issue fresh shares worth 8.2 billion rupees (about $93 million), down from 10 billion rupees earlier.

Its existing shareholders, including venture capital firms Accel India and Kalaari Capital, will now sell 13.9 million shares in the offering, lower than the 24 million shares proposed earlier.

Bluestone will launch the IPO on August 11 and close bids on August 13. Anchor investors will bid for the share sale on August 8.

The jeweller was seeking a valuation of at least 120 billion rupees ($1.37 billion) in the IPO, Reuters reported in December, citing sources. The overall IPO size was slated to be around 30 billion rupees, the sources had said.

The company may consider issuing specified securities, in consolidation with bookrunning lead managers, aggregating up to 2 billion rupees in pre-IPO placement, its draft prospectus from December said.

The company, which sells diamond, gold, platinum and studded jewellery, competes with Titan TITN.NS, Kalyan Jewellers KALN.NS and Tribhovandas Bhimji Zaveri TBZL.NS among listed firms in India.

Proceeds from the offering will be used to fund working capital requirements and general corporate purposes, the Bluestone prospectus showed.

Axis Capital, IIFL Capital and Kotak Mahindra Capital are its bookrunning lead managers.

($1 = 87.7790 Indian rupees)

(Reporting by Manvi Pant; Editing by Shailesh Kuber)

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** India's Titan Company TITN.NS will acquire 67% stake in Dubai-based Damas from Qatar's Mannai Corporation MCCS.QA

** Deal at enterprise value of 1.04 billion UAE dirham ($283 million)

** TITN 0.4% higher vs Nifty 50's .NSEI 0.1% climb

** JP Morgan says TITN "eyeing wider overseas footprint"

** Given TITN's track record of CaratLane acquisition and scaling it, investors may see this deal as a positive - Citi

** Deal to give TITN, which has about seven stores in UAE, access to Damas' 146 stores across GCC

** Acquisition will help expansion, targetting nationalities and ethnicities other than Indian diaspora - Morgan Stanley

** Avg rating of 30 analysts at "buy"; median PT is 3,876 rupees - data compiled by LSEG

** TITN extends YTD gains to 6%

($1 = 3.6721 UAE dirham)

(Reporting by Kashish Tandon in Bengaluru)

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