Titan Share Price: Shares of Titan Company Limited extended gains by nearly a per cent to Rs 3,415 on November 22, rallying for the sixth consecutive trading session. This comes after the company received approval from the Competition Commission of India to purchase an additional stake in its subsidiary CaratLane.
On November 21, Titan’s share price rose over a percent and crossed the market capitalisation of Rs 3 lakh crore for the first time. Titan shares have gained over 11 per cent in three months and are up more than 31 per cent year-to-date (YTD).
Tata Group’s watch and jewellery retailer increased its shareholding in CaratLane to 98.28 per cent from 71 per cent, paying Rs 4,621 crore for the purchase, the company said in an exchange filing.
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 company. Subsequently, Titan increased its stake in the omni-channel jewelry retailer.
Titan, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), is active in several businesses through lifestyle brands, including jewellery, eye care, fragrances, and fashion accessories.
In August, jewellery maker Titan announced that it is going to increase its stake in its subsidiary and new-age jewellery brand CaratLane to 98.28 per cent by acquiring an additional 27.18 per cent for Rs 4,621 crore.
CaratLane was started as a purely online brand in 2008, looking at the fast-growing affordable and accessible jewellery market.
Titan first invested in CaratLane in 2016 and over the years, in partnership with its jewellery brand Tanishq, CaratLane witnessed substantial growth.
The deals beyond a certain threshold need approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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