(Reuters) – Indian jeweller and watchmaker Titan Company reported on Friday that it estimates a 25% increase in second-quarter revenue, as a reduction in customs duty on gold imports helped improve domestic demand for some of its jewellery products.
India slashed import duties on gold in July to 6% from 15%, a move that was viewed as aiding retail demand.
The jewellery segment, which includes brands like Tanishq and Mia, is expected to grow 26%. It contributed about 89% to the Tata-owned company’s consolidated total income as of June-end.
The watches and wearables segment, which sells products from brands like Fastrack, Police and Coach, expects a 20% increase in revenue, the company added.
Jewellery rival Kalyan Jewellers is yet to publish its quarterly update.
(Reporting by Ashna Teresa Britto; Editing by Vijay Kishore)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.