Titan Company in green on plan to enter into tech watches

11 May 2015

Titan Company is currently trading at Rs. 356.40, up by 2.80 points or 0.79% from its previous closing of Rs. 353.60 on the BSE.

The scrip opened at Rs. 353.00 and has touched a high and low of Rs. 358.00 and Rs. 346.75 respectively. So far 73,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 448.00 on 03-Feb-2015 and a 52 week low of Rs. 274.00 on 12-May-2014.

Last one week high and low of the scrip stood at Rs. 394.00 and Rs. 335.00 respectively. The current market cap of the company is Rs. 31,605.00 crore.

The promoters holding in the company stood at 53.05% while Institutions and Non-Institutions held 24.72% and 22.23% respectively.

Titan Company is planning to enter into the high-end technology watch market with its own range by the third quarter of FY16. The company had set up a dedicated team in Switzerland to produce these watches. ‘Wearable tech’ is the latest buzzword in the technology space, where computing has been weaved into everyday life.

Titan’s impending foray comes at a time when sales growth of its watches division, contributing 16% of annual revenues, has softened in the past few years. From about 20% in FY12, this metric has slowed to levels of about 7% in FY15 (in FY13, sales growth was 9%).

Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.

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