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Titan Company gains after hiking stake in subsidiary

Capital Market 

Titan Company increased its stake in its subsidiary, Carat Lane Trading, from 69.5% to 72.3%.

The stock rose 1.52% to trade at Rs 1090.65. Titan Company said that it has purchased of 9.45 lakh shares from one of the shareholders of Carat Lane Trading at Rs 328 per share. The acquisition has been completed by 16 August 2019 and has been done by means of cash consideration.

Carat Lane Trading was incorporated on 20th September, 2007. It is involved in the business of designing, manufacturing, trading and retailing of gems and jewellery in India, through its e-commerce portal as well as physical stores. The announcement was made after trading hours on Friday, 16 August 2019.

Meanwhile, the S&P BSE Sensex was up 319.51 points or 0.86% to 37,669.84.

On the BSE, 35,000 shares were traded in the counter so far compared with average daily volumes of 1.84 lakh shares in the past two weeks. The stock hit a high of Rs 1108.6 and a low of Rs 1080.5 so far during the day.

The stock hit a 52-week high of Rs 1340.75 on 01 Jul 2019. The stock hit a 52-week low of Rs 731.7 on 09 Oct 2018.

On a consolidated basis, Titan Company's net profit rose 10.8% to Rs 363.74 crore on a 15.6% rise in the net sales to Rs 5095.10 crore in Q1 June 2019 over Q1 June 2018.

Titan Company is engaged in manufacturing of watches, jewelry, precision engineering and eyewear.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 19 2019. 12:23 IST