Shares of Titan Company fell 3% to Rs 2,470.70 in intraday trade on Monday, while in other firming markets, the company’s jewellery division, which excludes bullion sales, rose about 11% year-on-year. Quarterly per month (Q3FY23).

Healthy growth in new buyers during the festive period, high-value purchases in the studded category, and unique new collections for the season helped the segment grow during the quarter.

Shares of Titan were down 2% at Rs 2,496 a share at 10:10 am. The S&P BSE Sensex gained 1.2% to 60,623.

Meanwhile, Titan has underperformed the broader market over the past month, with shares down 5%, compared with a 2.6% drop in the Sensex. The stock has fallen 9% over the past three months, with a 4% gain for the benchmark index.

The Tata group of companies leading jewellery and watchmaker, posted a 12% year-on-year stand-alone business growth in Q3FY23, buoyed by healthy consumer demand spurred by the vibrant festive season.

“Positive consumer sentiment helped deliver healthy double-digit growth across all categories despite a high year-over-year base,” Titan said.

The company also continued to expand its network, adding 111 new stores between October and December, bringing the total to 2,362 stores at the end of the quarter.

“Sales in the studded category were slightly higher than growth in the gold jewellery (ordinary) segment than last year. Wedding sales were in line with the segment’s overall sales growth. Tanishq opened its first international store in New Jersey, US, in December 2022 Boutique. With the opening of this store, the international presence now spans six stores in Dubai, Abu Dhabi and the US,” the company added.