Aviation demand remains clouded
- Recovery in demand for air travel is expected to remain uncertain in 2021, as per aviation consulting firm CAPA India. The firm expects consolidation between players in the near-to-medium term.
- Shares of Indigo (+0.7%) and Spicejet (-0.6%) showed mixed reactions.
| Other jewellers also shine Shares of jewellery retail chains Tribhovandas Bhimji Zaveri (19.9%) and PC Jewellers (9.9%) gained supported by strong volumes. It seems investors are taking a cue from the growth in Titan’s jewellery business. Further, gold and silver prices are seeing an uptick for the last two months. Rising bullion prices help jewellers to a certain extent as buyers tend to advance their purchases in anticipation of further rise in prices. |
Titan’s jewellery business shows growth
- Shares of Titan hit a lifetime high after the company announced that its jewellery business has transitioned from recovery into growth after growing 15% in Q3. The jewellery business (which contributes 80% of revenues) was buoyed by festive demand as well as pent-up demand for wedding jewellery.
- After a 3.2% intraday spike, the stock witnessed profit-booking and closed 0.3% lower. The watches and eye-wear business are also close to achieving full recovery compared to Q3 last year.
Tobacco companies drop on proposed bill
- The government is planning a draft bill that proposes to raise the legal age for buying cigarettes and tobacco products from 18 to 21.
- The bill also proposes measures such as restricting the sale of tobacco products within 100 metres of any educational institution.
- Shares of cigarette makers such as ITC (-2.9%), Godfrey Phillips (-1.2%), and VST Industries (-1.3%) fell today after the news.