April 8 (Reuters) - Shares of Indian jeweller Titan Company 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 rose nearly 8% during the quarter.
Broader markets are also higher on the day after U.S. President Donald Trump agreed to a two-week ceasefire with Iran. Benchmark Nifty 50 index was last up 3.5%.
The Bengaluru-based firm, known for its Tanishq and CaratLane brands, reported robust growth as consumers in the world's most populous country splurged on gold.
Titan posted high-single-digit buyer growth during the quarter, compared to nearly flat buyer growth in the previous three quarters of FY26, the company said.
Meanwhile, the international business suffered significant disruptions in the region in March due to the war in the Middle East, the company added.
Sales of watches, Titan's second-largest business, grew 7% as premiumization trends contributed to an increase in ticket size, the company said. Eyewear sales climbed 16% during the quarter.
Titan had posted a 22.5% rise in consolidated revenue to 140.49 billion rupees.
Reporting by Komal Salecha in Bengaluru; Editing by Sonia Cheema and Harikrishnan Nair
Source: Reuters