Shares of Titan Company rallied 5% to Rs 2,425.70 in intraday trade on Friday as a value buy on expectations of a healthy business outlook for the fourth quarter ended March (Q4FY23).

Shares of Tata Group hit a six-month low of Rs 2,268 on Thursday, the lowest level since July 2022. Despite Friday’s gains, the stock has underperformed the broader market over the past three months, with shares down 13%, compared with a 1% drop in the S&P BSE Sensex.

Titan’s overall consolidated revenue rose 16% year-on-year to Rs 11,609 crore. Profit after tax fell 10% year-on-year to Rs 912 crore on weaker-than-expected operating profitability.