Last Updated: November 22, 2023, 11:57 IST
Titan Share Price: Shares of Titan Company Limited prolonged features by practically a per cent to Rs 3,415 on November 22, rallying for the sixth consecutive buying and selling session. This comes after the corporate acquired approval from the Competition Commission of India to buy a further stake in its subsidiary CaratLane.
On November 21, Titan’s share value rose over a p.c and crossed the market capitalisation of Rs 3 lakh crore for the primary time. Titan shares have gained over 11 per cent in three months and are up greater than 31 per cent 12 months-to-date (YTD).
Tata Group’s watch and jewelry retailer elevated its shareholding in CaratLane to 98.28 per cent from 71 per cent, paying Rs 4,621 crore for the acquisition, the corporate mentioned in an trade submitting.
Titan first acquired a 62 per cent stake in CaratLane in 2016 for a consideration of Rs 357.24 crore, thereby making it a subsidiary of the corporate. Subsequently, Titan elevated its stake within the omni-channel jewellery retailer.
Titan, a three way partnership between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), is energetic in a number of companies by way of life-style manufacturers, together with jewelry, eye care, fragrances, and trend equipment.
In August, jewelry maker Titan introduced that it will improve its stake in its subsidiary and new-age jewelry model CaratLane to 98.28 per cent by buying a further 27.18 per cent for Rs 4,621 crore.
CaratLane was began as a purely on-line model in 2008, wanting on the quick-rising inexpensive and accessible jewelry market.
Titan first invested in CaratLane in 2016 and through the years, in partnership with its jewelry model Tanishq, CaratLane witnessed substantial progress.
The offers past a sure threshold want approval from the regulator, which retains a tab on unfair enterprise practices in addition to promotes honest competitors within the market.
