Titan Company rose 1.62% to Rs 388.25 at 14:17 IST on BSE after the company said that its watch division has commissioned stainless steel case plant in Coimbatore, Tamil Nadu.
The announcement was made after market hours on Thursday, 11 September 2014.
Meanwhile, the S&P BSE Sensex was up 10.24 points or 0.04% at 27,006.11.
On BSE, so far 76,000 shares were traded in the counter as against average daily volume of 1.53 lakh shares in the past one quarter.
The stock hit a high of Rs 392 and a low of Rs 382.10 so far during the day. The stock had hit a record high of Rs 397.80 on 9 September 2014. The stock had hit a 52-week low of Rs 203 on 30 January 2014.
The stock had outperformed the market over the past one month till 11 September 2014, surging 11.79% compared with Sensex's 5.79% rise. The scrip had also outperformed the market in past one quarter, jumping 16.12% as against Sensex's 5.97% rise.
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The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Re 1.
Titan Company (Titan) said that the stainless steel case plant in Coimbatore, Tamil Nadu has been set up with technical assistance from SEIKO EPSON, Japan to manufacture highend stainless steel cases meeting global standards of quality with an investment in excess of Rs 75 crore. The initial capacity of the facility is 1 million cases/annum, scalable to 2 million/annum with an employment potential of 250 people, Titan said in a statement.
Titan's net profit fell 2.9% to Rs 177.27 crore on 7.6% decline in net sales to Rs 2853.66 crore in Q1 June 2014 over Q1 June 2013.
Titan Company (earlier known as Titan Industries) is India's leading producer and retailer of watches, jewellery and eyewear.
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