Titan share price extends gains on CCI approval for additional stake acquisition in CaratLane
₹3,425.00 apiece on the BSE. Titan shares rose today after the company received approval from the Competition Commission of India to purchase an additional stake in its subsidiary CaratLane. On November 21, Titan share price rose over a percent and crossed the market capitalisation of ₹3 lakh crore for the first time.
Titan shares have gained over 11% in three months and are up more than 31% year-to-date (YTD). Read here: Titan share price hits all-time high, market capitalization surpasses ₹3 lakh crore mark The board of directors of Tata Group’s jewellery and watch retailer Titan Company had earlier approved the acquisition of the entire 91,90,327 equity shares held by the founder of CaratLane Trading Pvt Ltd and his family members representing 27.18% of the total paid-up equity share capital of CaratLane. With this, Titan increased its shareholding in CaratLane to 98.28% from 71% for ₹4,621 crore.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) In 2016, Titan first acquired a 62% stake in the omni-channel jewelry retailer CaratLane for ₹357.24 crore. It then continued to increase its stake in the company. Titan Company reported a net profit of ₹940 crore in the second quarter of FY24, registering a growth of 9.7% from ₹857 crore in the corresponding quarter of last fiscal year.
Titan’s standalone revenue from operations in Q2FY24 increased 33.6% to ₹11,660 crore from ₹8,730 crore, YoY. Also Read: Suzlon Energy share price hits 5% lower circuit for second straight day, down about 12% in 3 days Titan Company’s jewellery segment’s total income at ₹8,575 crore recorded an increase of 19% YoY. EBIT rises to ₹1,206 crore
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