India, April 8 -- Shares of Titan Co. Ltd. surged to an all-time high after the jewellery and watch maker reported a jump in quarterly sales, as consumers in the world's most populous nation flocked to gold.

Titan's share price rose as much as 5.7%, the sharpest intraday gain in three months, to an all-time high of Rs.4,514.00. The rally followed a business update revealing a 42% increase in domestic sales for the quarter ended 31 March. The gains were underpinned by a dual tailwind-a spike in buyer volumes and higher average selling prices as spot gold climbed nearly 8% during the period.

Titan's mainstay jewellery division, which includes Tanishq and CaratLane brands, continues to be the primary engine of growth. The segment-accountin...