Commendably, the share price of Titan reportedly gained and hit an all-time high on Wednesday, November 22, 2023, i.e. today. Kindly note that Titan’s share price rallying for the sixth consecutive session. Titan company saw a nearly 1 percent gain on the BSE taking its share to a new high of Rs 3425 apiece. The gain in share prices was seen after Titan Company got approval from the CCI (Competition Commission of India) to buy an additional stake in its subsidiary CaratLane. Following approval from the Competition Commission of India, Titan company’s share surged by 1 percent on BSE. Kindly shift to the following sections to unfold more latest developments in the shares of Titan Company. Drag down the page and learn more.
Titan stock extends gains on CCI nod
To buy an additional stake in its subsidiary firm CaratLane, Titan Company’s share price increased on BSE by 1 percent. On Tuesday, November 21, 2023, the share price of Titan surged more than 1 percent and surpassed the market capitalization of Rs 3 lakh crore. To note, it was the first time Titan’s share price crossed the market capitalization. In the period of three months, the shares of Titan grew more than 11 percent and 31 percent higher year-to-date. Swipe down the page and read more details.
The board of directors of watch retailer Titan Company and Tata Group’s jewelry had earlier given the green signal for the acquisition of a total of 91,90,327 equity shares possessed by the founder of CaratLane Trading Pvt Ltd and his family members representing 27.18 percent of the total paid-up equity share capital of CaratLane. The watch-retail company raised its shareholding in CaratLane from 71 percent to 98.28 percent for Rs 4621 crore. Titan first purchased a 62 percent stake in the omni-channel jewelry retailer CaratLane in 2016 for Rs 357.24 crore. Further, the company continued to increase its stake in the company. Scroll down the page and read more details.
In the second quarter of the current fiscal year FY24, the watch retail company Titan announced a net profit of Rs 940 crore showing a growth of 9.7 percent which was earlier Rs 857 crore in the second quarter of the last fiscal year. The standalone revenue of Titan from the operations increased from Rs 8730 crore to Rs 11660 crore in the second quarter of FY24, showing a gain of 33.6 percent, YoY. Today at 10:05 am, the shares of Titan were trading 0.80 percent higher at Rs 3,421.30 apiece on the BSE commanding a market cap of more than Rs 3.03 lakh crore.