Senco Gold shares surged as much as 6.3% in Monday’s trading session, hitting an intraday high of Rs 346.55 on the NSE, after the jewellery retailer reported a robust Q1 FY27 business update. Strong revenue growth, healthy same-store sales and continued retail expansion boosted investor sentiment, reinforcing the company’s growth momentum from FY26.

According to the company’s Q1 FY27 business update, total revenue grew 60% year-on-year, supported by strong consumer demand across key categories. Retail revenue rose 48% YoY, while same-store sales growth (SSSG) stood at an impressive 38%, reflecting sustained demand across existing stores.

Trailing twelve-month (TTM) sales also approached Rs 9,660 crore, underscoring the company’s continued growth trajectory.

Diamond jewellery remained a key growth driver during the quarter. The segment registered 40% YoY growth in value, while diamond volume jumped 56% sequentially, aided by higher volumes, an improved product mix, affordable collections priced below Rs 50,000 under the Everlite range, and new product launches.

The company said domestic gold prices remained significantly higher on a year-on-year basis, although they softened sequentially amid evolving geopolitical developments. Gold prices also reflected the impact of the increase in customs duty to 15% from 6%.

While the duty hike is expected to benefit revenues over Q1 and Q2, Senco noted that aggressive gold price discounting during the quarter and its 50% hedging position are likely to put pressure on Q1 margins, delaying the full benefit of the higher customs duty.
The old gold exchange programme continued to witness healthy customer participation, accounting for around 43% of total sales volume in Q1 FY27. During the quarter, the company also rolled out a “0% deduction” campaign to encourage exchange transactions.

Retail expansion gathers pace

Senco Gold expanded its footprint by opening eight new showrooms during the quarter, comprising three company-owned stores, four franchise outlets and one Sennes store. After accounting for one store closure, the company’s retail network stood at 208 showrooms.Management remains on track to open 12-15 additional stores over the next three quarters, with a greater focus on the franchise-led expansion model.

Management outlook

Looking ahead, the company expects Q2 FY27 to be seasonally softer. However, it remains optimistic that demand will improve with the monsoon season and festive buying, including advance gold bookings ahead of Q3 festivities.

Management said its priorities will remain inventory optimisation, expanding lightweight and 9K jewellery collections, and protecting margins.

Technical view

From a technical perspective, the stock continues to exhibit a positive medium-term trend. It is currently trading above seven of its eight simple moving averages (SMAs), indicating underlying strength. Meanwhile, the 14-day Relative Strength Index (RSI) stands at 43.7, suggesting the stock is neither overbought nor oversold.

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Titan Company said its consumer businesses grew about 41% year-on-year in the June quarter, helped by strong jewellery demand, store expansion and a sharp rise in its international business. The Tata Group company added 77 stores on a net basis during Q1FY27, taking its total retail network to 3,680 stores as of June 2026. The numbers are provisional and subject to limited review by the company’s statutory auditors, Titan said in its quarterly update filed with the exchanges.

Titan’s domestic business grew 37% during the quarter and had 3,517 stores at the end of June. Jewellery remained the main growth driver, with the segment reporting 39% year-on-year growth. The company said demand was helped by healthy festive buying and Akshaya Tritiya sales during the quarter.

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The jewellery business added 33 stores on a net basis, taking its total count to 1,227 stores. Within jewellery, Tanishq, Mia, Zoya and beYon together grew 39%, while CaratLane grew 42%. Titan said relatively stable gold prices helped buyer growth, which came in early double digits. Average ticket size grew in high double digits.

The company said plain and studded jewellery categories each grew in the mid-thirties. Coins also continued to see strong double-digit growth, supported by investment-led demand.

Titan’s watches business grew 23% year-on-year and added 34 stores during the quarter, taking its total store count to 1,345. Analog watches led the segment, supported by premiumisation trends, and grew in the high twenties. However, the smartwatches business declined in the low teens.
EyeCare also grew 23%, with broad-based momentum across owned and international brands. Titan said growth in the segment was helped by calibrated marketing spends, multi-pair and multi-category consumer offers, and premiumisation. EyeCare added seven stores during the quarter, taking its total to 847 stores.Emerging businesses grew 19% in Q1FY27. Within this portfolio, fragrances grew in the mid-teens, women’s bags recorded strong double-digit growth, and Taneira posted low single-digit growth. The company added two stores in this segment, taking the total to 98.

Titan’s international business posted the sharpest growth at 128%, though on a smaller base. The segment had 163 stores as of June 2026. The international business includes Damas Jewellery, which was consolidated into Titan from January 2026.

The company said the jewellery business of Tanishq, Mia and CaratLane saw strong traction in North America and encouraging double-digit growth in the GCC. It added that despite geopolitical volatility, the core Damas business is seeing a gradual recovery across key parameters.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The council’s leader is hopeful Andy Burnham will devolve more power to the county if he becomes PM

Electing a Devon mayor could unlock billions of pounds of local investment over the next decade, the leader of the county council has said. Julian Brazil (Liberal Democrats) said modelling indicated a mayoralty in Devon could attract up to £3bn of funding for key services and economic development.

The council leader is hopeful Devon could become one of the first new Mayoral Combined Authorities created under a future government after Labour leader hopeful Andy Burnham pledged to devolve more power to the regions and nations if he becomes Prime Minister.

If the Devon does elect a mayor, it would become one of the largest mayoral authorities in England – and Mr Brazil believes it would drive economic growth, improve public services and secure long-term investment.

“Devon is ready to deliver a mayoralty at pace and with ambition,” he said. “We have the scale, the partnerships and the determination to unlock major economic growth for both our urban centres and rural communities.

“This is about bringing investment home to Devon – creating well-paid jobs, delivering homes for young people and ensuring our whole county can thrive.”

Existing mayoral areas, such as the West of England Combined Authority – covering Bristol, Bath and North East Somerset and South Gloucestershire – benefit from additional funding and greater control over transport, planning and economic development, allowing decisions to be tailored to local needs.

Mr Brazil’s comments come just a week after he wrote to Labour leadership hopeful Andy Burnham setting out how Devon could quickly deliver a mayoralty in line with the former Greater Manchester mayor’s ambition to accelerate devolution and support “good growth in every British postcode”.

Devon County Council and Torbay Council already work together through the Devon and Torbay Combined County Authority, which was established to secure additional funding and powers. Mr Brazil said the partnership provided “a strong platform” for further devolution.

Last year, all eleven council leaders in Devon signed a joint letter supporting devolution, demonstrating broad political backing for greater local powers.

“Devolution must not stop at the big cities,” Mr Brazil said. “Too often, rural and coastal communities are overlooked in national policy. A Devon mayoralty would ensure our voices are heard at the very centre of government.”

Billions in potential investment

According to Mr Brazil, a Devon mayoralty could unlock the billions of pounds over a decade through devolved funding and locally generated revenues, with additional private-sector investment potentially worth billions more.

Potential sources of funding include central government devolution settlements; retention of business rates growth; major transport and infrastructure programmes; new revenue-raising powers; public-private partnerships; inward investment; and strategic development initiatives.

Supporters say the funding streams would help deliver regeneration projects, transport improvements and wider economic development across the county.

“A Devon mayoralty would accelerate the delivery of affordable and council housing, unlock and coordinate growth across council boundaries,” added Mr Brazil.

“It could also support the creation of Mayoral Development Corporations while balancing the needs of growing cities such as Plymouth and Exeter with those of rural communities.”

Last week, Burnham pledged to create a ‘No 10 North’ if he becomes Prime Minister, claiming it would help power flow into regions including the West Country.

In his first major policy speech since launching his leadership bid, the new MP for Makerfield said he would deliver the “biggest change in our lifetime to the way the country is run” while remaining “consistent” to Labour’s 2024 manifesto.

The government will sell up to 5.04% stake in Cochin Shipyard Ltd through an offer for sale, with the floor price fixed at Rs 1,400 per share. The offer will open for non-retail investors on July 7, while retail investors will be able to place bids on July 8.

The government will first sell 2.52% of Cochin Shipyard’s paid-up equity as the base offer. It has also kept an additional 2.52% stake as a green-shoe option, which can be exercised if the issue receives strong demand. This means the total stake sale can go up to 5.04%.

An offer for sale is a route through which promoters, including the government, can sell shares in a listed company through the stock exchange mechanism. In this case, the government is looking to reduce part of its holding in Cochin Shipyard while allowing institutional and retail investors to buy shares through the OFS window.

The floor price of Rs 1,400 per share is the minimum price at which investors can bid. The final allotment will depend on demand, bids received and the clearing price under the OFS process.

Cochin Shipyard is one of India’s leading public sector shipbuilding and ship repair companies. The stock has been in focus over the past year due to strong investor interest in defence and shipbuilding companies. The broader sector has benefited from rising government spending on defence manufacturing, naval modernisation and Make in India-linked orders.

The OFS comes at a time when public sector defence and shipbuilding stocks have seen strong market interest. Investors will watch the discount or premium of the floor price compared with the market price, as that usually drives demand in such issues.
For non-retail investors, the bidding will take place first. Retail investors will get their separate window the next day. In many OFS issues, retail investors are also sometimes offered a discount, though the current announcement only mentions the floor price and the offer structure.The green-shoe option gives the government flexibility to sell a higher stake if demand is strong. If the OFS is fully subscribed along with the green-shoe portion, the government’s stake in Cochin Shipyard will come down by 5.04%.

The stake sale will also help the government move ahead with its disinvestment programme for FY27. While the offer does not involve any fresh issue of shares by Cochin Shipyard, it will increase the public float in the company if fully subscribed.

The market’s response will depend on the pricing, recent movement in the stock and investor appetite for defence-linked public sector companies. Given the strong rally in several PSU defence names, the Cochin Shipyard OFS is likely to be closely tracked by both institutional and retail investors.