Titan Industries is trading higher by 3% at Rs 251 after the company said it has commenced commercial production in its new integrated state of art jewellery unit set up in the excise free zone in Pantnagar, Uttarakand, UP, on March 29, 2012.
“The new unit has been commissioned at an approximate cost of Rs 15 crore for the manufacture of studded jewellery and is estimated to achieve a turnover of Rs 250 crore during the financial year 2012-13," the Tata Group company said in a filing to the stock exchanges.
The stock has rallied over 6% yesterday, on reports that the company has got approval from the government to directly import gold, its key raw material, which would help the company save its operating costs.
A combined around 100,000 shares have changed hands on the counter in opening deals on both the exchanges.