Titan Company shines bright

Yesterday late in the evening, Titan Company announced that it would be acquiring 62% stake in an online jewellery company - Carat Lane Trading. This acquisition is for Rs.357.24 crore and to be completed in 14 business days.

Titan said that this acquisition on the online portal is expected to give it higher synergies and more importantly, it will help Titan get a stronger foothold in the online marketing segment which is the way f marketing in the future.

Carat Lane is a well known online jewellery company and has an established brand equity. It had ended FY16 with a topline of Rs.141 crore.

The market is very enthused with this news and the stock is amongst the top three gainers on the BSE since opening bell. It hit a new 52-week high today at Rs.434.95 and continues to trade firmly around the same levels.