Titan Industries sparkles
Titan Industries jumped 7% to Rs 860 following reports it is betting big on its precision engineering division.
4.6 lakh shares changed hands in the counter on BSE.
The stock made a strong rebound from lower level recently. From Rs 690.65 on 12 September, the scrip surged 15.6% to Rs 798.95 by 28 December.
Titan reportedly expects revenue from precision engineering division to go up to Rs 400 crore in four years from Rs 50 crore this year. Titan’s precision engineering division makes dashboard clocks and precision components for the aerospace and automotive industries. The company is one of the biggest suppliers of dashboard analog clocks for cars to Ford Motor’s plants in the US, Europe and Canada. In the domestic market, Titan supplies to Tata Motors, among others. Titan has invested over Rs 20 crore in the two-year-old business.
Titan expects to post over Rs 2,000 crore revenue for the current fiscal, against Rs 1,481 crore last year. Of this, the jewellery business is expected to contribute Rs 1,100 crore and the watch business will post revenue of around Rs 900 crore.
Titan is planning to open its first exclusive company-owned outlet of its gold jewellery brand Tanishq in the US. It is currently present only in West Asia with a few shop-in-shops. In India, Tanishq plans to cash in on the retail boom in the country. It plans to expand retail network of branded jewellery stores in the country from the present 87 stores in 64 cities to 100 stores by end of 2007.
Titan Industries posted a 56 per cent increase in net profit for the second quarter ended September 30 to Rs 32.18 crore. The topline rose 47 per cent to Rs 539 crore.
4.6 lakh shares changed hands in the counter on BSE.
The stock made a strong rebound from lower level recently. From Rs 690.65 on 12 September, the scrip surged 15.6% to Rs 798.95 by 28 December.
Titan reportedly expects revenue from precision engineering division to go up to Rs 400 crore in four years from Rs 50 crore this year. Titan’s precision engineering division makes dashboard clocks and precision components for the aerospace and automotive industries. The company is one of the biggest suppliers of dashboard analog clocks for cars to Ford Motor’s plants in the US, Europe and Canada. In the domestic market, Titan supplies to Tata Motors, among others. Titan has invested over Rs 20 crore in the two-year-old business.
Titan expects to post over Rs 2,000 crore revenue for the current fiscal, against Rs 1,481 crore last year. Of this, the jewellery business is expected to contribute Rs 1,100 crore and the watch business will post revenue of around Rs 900 crore.
Titan is planning to open its first exclusive company-owned outlet of its gold jewellery brand Tanishq in the US. It is currently present only in West Asia with a few shop-in-shops. In India, Tanishq plans to cash in on the retail boom in the country. It plans to expand retail network of branded jewellery stores in the country from the present 87 stores in 64 cities to 100 stores by end of 2007.
Titan Industries posted a 56 per cent increase in net profit for the second quarter ended September 30 to Rs 32.18 crore. The topline rose 47 per cent to Rs 539 crore.
posted by rtotla at
7:50 AM
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