Titan Industries has been figuring out amongst the top gainers on the BSE, right since opening bell. The stock price rose over 6% to Rs.353.80 and continues to hover around the same levels.

Yesterday, late in the evening, the company released its Q3FY17 quarterly update and it has been more robust than expected.

The company began by saying that it was a mixed quarter, which began on a very good note but demonetization slowed down the sales later. The company said that it was one of its best festive seasons in the last few years with both Tanishq and Watches performing well above expectations.

The company added that post the announcement of demonetization on 8 November 2016, all consumer facing businesses of the company witnessed a drastic slowdown for a few days after which recovery was clearly visible in modern retail and dedicated retail channels. While the sale in these channels has recovered to pre-demonetisation levels, the sale in the trade channel in Watches (the multi brand outlets) has taken a hit and is yet to recover as most transactions in these outlets have been on cash basis.

Titan said that it in the process of introducing multiple modes of electronic payment in all its stores, including UPI, E-wallets, in order to provide customers with a plethora of payment options. It said is also plans to continue with store expansions and investment plans in order to capitalize on the opportunities for growth and expansion.