Titan Company Ltd, the world's fifth-largest wrist watch manufacturer and India's leading producer of watches has reported that its   Sales of mainstay jewellery business rose over the year-earlier in the quarter ended December, helped by a resurgence in the festive season and pent-up demand from deferred weddings in the first six months of the fiscal.

The jewellery division crossed from recovery phase to growth phase, while watches, wearables and eyewear divisions moved much closer to full recovery in the October-December quarter, the owner of ‘Tanishq’ brand said in an exchange filing. “The company had been expected a good festive season as customers wanted to feel good by stepping out and shopping after six months of being restricted primarily to their homes. The third quarter didn’t disappoint.”

Also, after creating an international business division last year to bring focus on further exploring and exploiting opportunities outside India, Tanishq opened its first store in Dubai during the reported quarter, and “has got an excellent response from non-resident Indians and other residents in the U.A.E”.

Shares of Titan rose as much as 3.2% in morning trade on Wednesday to Rs 1,621 apiece all-time high. But the stock cooled off most of the gains to close at 1,565.05, down by Rs. 5.90 from the previous closing on the NSE.

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