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Titan Company Ltd.

BSE: 500114 Sector: Consumer
NSE: TITAN ISIN Code: INE280A01028
BSE 16:01 | 20 Nov 915.00 -5.70
(-0.62%)
OPEN

918.50

HIGH

924.55

LOW

910.00

NSE 15:56 | 20 Nov 915.45 -5.10
(-0.55%)
OPEN

919.00

HIGH

925.20

LOW

908.85

OPEN 918.50
PREVIOUS CLOSE 920.70
VOLUME 69838
52-Week high 1006.00
52-Week low 731.70
P/E 62.08
Mkt Cap.(Rs cr) 81,234
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 918.50
CLOSE 920.70
VOLUME 69838
52-Week high 1006.00
52-Week low 731.70
P/E 62.08
Mkt Cap.(Rs cr) 81,234
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Titan Company Ltd. (TITAN) - Company History

Titan Company Ltd is the world's fifth largest wrist watch manufacturer and India's leading producer of watches. The company is engaged in manufacturing of watches jewelry precision engineering and Eyewear. They produce watches under the brand name Titan Fastrack Sonata Nebula RAGA Regalia Octane & Xylys. They export watches to about 32 countries around the world. They manufacture precious jewellery under the Tanishq brand name. Titan Industries Ltd is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO).As on 31 December 2017 Titan's retail chain comprised of 1439 stores with total retail area crossing 1.87 million sq.ft. nationally for all its brands. Titan Industries Ltd was incorporated in the year 1984 and commenced their business in the year 1986. The company set up an integrated watch manufacturing facility at Hosur in Tamil Nadu in the year 1987 with initial technical know-how from Europe and Japan. In October 1992 they came with a right issue to the part of finance for its expansion programmes. In the year 1995 they diversified into Jewellery under the brand name of Tanishq to capitalize on a fragmented market operating with no brands in urban cities. Apart from the domestic market the company started the manufacturing of watches for several prestigious international brands during the year 1997. In the year 1998 the company launched the second watch brand Sonata. In the year 2003 the company leveraged their manufacturing competencies and branched into Precision Engineering Products and Machine Building. They diversified into fashion Eyewear by launching Fastrack Eye-Gear sunglasses as well as Prescription Eyewear. The company's Precision Engineering Division supplies precision components and also manufactures dashboard clocks as OEM to car manufacturers in Europe and America. The division also provides fully integrated Automation solutions. During the year 2004-05 the company launched two brands namely Fastrack sunglasses and Tommy Hilfiger Watches. They entered into the fragrance business through launch of Evolve and these are available in UAE OMAN and Bahrain. During the year the company set up a new watch assembly unit at Baddi Himachal Pradesh with an assembly capacity of 2 million watches per annum. In the year 2005 the company launched their second Jewellery brand under the name of Gold Plus aimed at the mass market and for capitalizing on the opportunity in small towns and rural India. During the year 2005-06 the company merged their Retailing team and Customer Service and rechristened as the Retailing Services Group. They launched XYLYS a new brand in the fast growing premium 'Swiss Made' market segment. The brand was launched in Mumbai Delhi Bangalore and Hyderabad. In the next year they expanded their footprints to 11 towns of the country.In January 2008 the company launched their all-new collection of chronograph multifunction and retrograde watches with international styling Octane from Titan. The collection embodies speed energy and power. Also they made a tie-up with Sankara Nethralaya for a technical collaboration for training optical store personnel for Titan Eye+ the optical division of the company. In April 2008 they set up large World of Titan showroom in Lahore a Titan exclusive store in Karachi. In June 2008 they made partnership with the World Wildlife Fund (WWF-India) to spread awareness about some of the most endangered species in India through a collection of uniquely designed Titan watches. During the year 2008-09 the company entered the US Jewellery market with the opening of two Tanishq Stores one each at Chicago and New Jersey. They expanded their retail network by adding 135 new stores (178235 sq.ft.) across watches jewellery and eyewear businesses. As per the scheme of amalgamation three domestic subsidiary companies namely Samrat Holdings Ltd Questar Investments Ltd and Titan Holdings Ltd were amalgamated with the company with effect from April 1 2007.During the year 2009-10 the company expanded their retail network with a net addition of 52 stores (81267sq.ft.) across Watches Jewellery and Eyewear businesses. They added one more Tanishq Boutique Retail Chain which was the first of its Large Format Store strategy set for the Brand. This store spans across 20000 sq.ft on Usman Road Chennai considered to be the hub of Jewellery buying in South India. Also Gold Plus closed one of its stores in Bheemavaram in view of its low market potential. Eyewear expanded its retail chain to 82 stores.In March 29 2010 the company established one more assembly unit at an excise duty free zone in Uttarakhand State with a production capacity of 5.0 million watches per annum having-a total built up area of 4500 sq mtrs.During the year 2010-11 the company expanded their retail network with a net addition of 122 stores (724503 sq.ft.) across Watches Jewellery and Eyewear businesses. They also entered into the South African market with the launch of their products. Their 'World of Titan' network grew to 311 stores by the end of the financial year 2010-11. They launched two flagship stores in Mumbai and Delhi. During the year the company launched collection of watches such as Purple by Titan an offering of fashion watches; Raga Aqua a new collection whose evocative designs were inspired by the oceans and seas; Tycoon by Titan a new collection of gold look watches; and new products in the automatic watches range which cater to premium consumers. In January 2012 as per the scheme of amalgamation Tanishq (India) Ltd was amalgamated with the company. In March 29 2012 the company commenced commercial production in their new integrated state of art Jewellery Unit set up in the excise free zone in Pantnagar Uttarakand. The new Pantnagar Unit has been commissioned at an approximate cost of Rs. 15 crores for the manufacture of studded jewellery and is estimated to achieve a turnover of Rs. 250 crores during the financial year 2012-13.In 2012 the company won a total of 3 awards at the ET retail awards which was held in Mumbai on the 18th of January 2012. The company also Won 2 awards at the 12th edition of Images fashion awards night. The company has been certified to ' OHSAS 18001: 2007 ' Management Systems. The company was selected unanimously by the jury as the Best Governed Company 2012 by Asian Centre for Corporate Governance & Sustainability. The company won the Client of the Year award at the Campaign India Digital Media Awards 2012.In 2013 the company's name was changed from Titan Industries Ltd. to Titan Company Ltd. On 16 December 2013 Titan Company announced the opening its 1000th retail store in Bangalore. With this Titan became the first Indian specialty retailer to open 1000 stores in seven varied formats under watches jewellery and eyewear categories. In 2014 the Company entered into a Joint Venture agreement with Montblanc Services B.V. Netherlands for establishing operations in India for carrying on single brand retail trade. Titan Company Ltd which is engaged in manufacturing of watches/accessories jewelry precision engineering and eyewear stated that their jewellery division has launched first Karigar centre for jewellery manufacturing in Hosur.In 2015 the company added one more feather to its Manufacturing Excellence and Commenced World Class Stainless Steel Case production in Coimbatore. On 23 November 2015 Titan announced that it has joined forces with HP Inc. one of the world's leading information technology companies to launch a range of smart watches in India and select international markets.On 3 December 2015 Titan announced that its joint venture with Montblanc Services B.V Netherlands has commenced operations. Montblanc Services B.V holds majority 51% stake in the joint venture company and Titan holds a 49% stake. The joint venture company was formed for carrying on the business of single brand retail trading of Montblanc products in India. On 10 December 2015 Titan announced that the Reserve Bank of India has permitted FIIs/RFPIs to invest up to 35% of the paid-up capital of the company under portfolio investment scheme. The Board of Directors of Titan Company at its meeting held on 6 May 2016 approved the acquisition of a majority stake in Carat Lane Trading Pvt. Ltd. (Carat Lane) subject to due diligence. Carat Lane was incorporated on 20 September 2007 and is a leading online jewellery brand and sells its products through its website Caratlane.com. The company has also developed omni-channel capabilities and has currently 13 stores across the country with plans to ramp up the retail stores significantly in the future. On 14 July 2016 Titan announced signing of Share Purchase Agreement for acquiring about 62% stake in Carat Lane Trading Pvt. Ltd for a cash consideration of Rs 357.24 crore. Carat Lane clocked revenue of Rs 141 crore for the financial year ended 31 March 2016. In August 2016 Titan completed the acquisition of about 62% stake in Carat Lane.On 12 October 2016 Titan Company announced that the company has since inception been exploring opportunities in personal lifestyle categories. One such category is special occasion ethnic wear for women which will now be piloted for understanding consumer attitudes and preferences. The pilot which may include setting up a few stores is expected to last about 12 months at the end of which the company will take a decision on the future course of action.On 16 January 2017 Titan Company announced that it has decided to consolidate its portfolio by migrating the Gold Plus network to become a part of the Tanishq network. Titan said that customers in the larger cities of South India have evolved in their tastes and aspirations and Titan's main jewellery brand Tanishq has kept pace with them. Given that evolution of the customers and Tanishq as well as the need to focus all energies and resources in today's circumstances Titan Company has decided to consolidate its portfolio by migrating the Gold Plus network to become part of the Tanishq network. Titan had launched its second jewellery brand Gold Plus in 2005 for small-town South India to better cater to the needs of the more traditional requirements of those customers. On 20 February 2017 Titan Company informed the stock exchanges that the High Court of Madras has sanctioned the Scheme of Arrangement between Titan Company Limited and Titan Engineering & Automation Limited for transfer of Precision Engineering Business Undertaking of the Titan Company Limited to Titan Engineering & Automation Limited a wholly-owned subsidiary of Titan Company in terms of an order passed on 12 December 2016. During the year 2016-17 Titan's eyewear division added 95 new stores. Also during the year the company announced the introduction of 30 minute delivery of spectacles. The company purchased land during the year to set up frame manufacturing. In the watches segment the company ventured into smart watch category launching 4 smart products (Juxt Juxt Pro Sonata Act Fastrack Activity Tracker Band) to rave reviews.