Titan Company Limited shares are notably higher on Wednesday, with investors lapping up the stock on hopes the robust sales growth in festival season may have significantly boosted the company’s revenues in the third quarter.

The stock rose sharply this morning to Rs 869.40 and looked well on course to hit a new high past Rs 872 (recorded on 20 December 2017) but eased a bit on resistance at higher levels.

On the National Stock Exchange, the Titan counter has clocked a volume of nearly 1.25 million shares so far in the session today. On BSE, the counter has clocked a volume of over 87,000 shares, nearly two times the average daily volume of about 48,000 shares.

Titan Company reported strong earnings for the quarter ended December 2017, with both jewellery and watch divisions recording a surge in sales.

Titan’s jewellery division witnessed a double digit retail growth in the festival season this year, compared to sales in the corresponding season last year. In fact, with Dussera and Diwali happening in the same quarter, the latest festival season turned out to be one of the best ever in the company’s history. During the quarter, the jewellery division added a total of 34 Tanishq stores.

The Watches division too had a great festival season and quarter. In the October – December 2017 quarter, Titan launched two landmark products in the women’s watch category.

Titan’s prescription eye wear business too showed a healthy retail growth in the third quarter, although the Sunglasses business underperformed once again.

Titan said its fragrances business is going at an exciting pace and that the brand “Skinn” is already the largest selling perfume by volume and value in all of the departmental store chains that it is available in. The company’s report said further that many interesting product introductions are to be made in the near future, and set to further boost the volume and value of the business.

From a low of Rs 325.50 it had recorded on 2 January 2017, the stock has come a long way up, rising as much as 157%. The stock is the most impressive performer in the last twelve months in the Nifty Next 50 index, and is well ahead of the next best mover DLF, which added about 120% in the past 12 months. Sun TV, with 100% appreciation, takes the third spot in the list, while United Spirits, SAIL, Piramal Enterprises, Bajaj Finserv and Motherson Sumi Systems follow in that order, gaining between 70% and 90%.