Titan Company rose 1.55% to Rs 418.50 at 14:20 IST on BSE after the company said that it has commenced production of world-class stainless steel cases at its new manufacturing facility in Coimbatore.
The announcement was made during market hours today, 3 March 2015.
Meanwhile, the BSE Sensex was up 111.05 points, or 0.38%, to 29,569.84.
On BSE, so far 64,455 shares were traded in the counter, compared with an average volume of 1.08 lakh shares in the past one quarter.
The stock hit a high of Rs 421.50 and a low of Rs 410.90 so far during the day. The stock hit a record high of Rs 448 on 3 February 2015. The stock hit a 52-week low of Rs 239.15 on 3 March 2014.
The stock had underperformed the market over the past one month till 2 March 2015, falling 4.68% compared with 1.16% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 6.23% as against Sensex's 3.57% rise.
The large-cap firm has an equity capital of Rs 88.78 crore. Face value per share is Re 1.
In its continued efforts to excel at manufacturing, Titan Company, has commenced production of world-class stainless steel cases at a new facility in Coimbatore. Set up at a cost of over Rs 75 crore, the new plant will manufacture around one million cases per annum and scale it up to two million cases per annum eventually. The commissioning of this case plant stands testimony to Titan's strong belief and commitment to watch manufacturing. Located in Coimbatore and spread across an area of 11.3 acres, this plant's value chain capability addresses all domains of stainless steel case manufacturing which includes tool design, tool manufacturing, press shop, machining, polishing and assembly supported by related service functions like planning, facilities management, machine maintenance, costing, and quality management.
Since its inception, Titan's strategy is to be a self-reliant watch maker and not just a seller, which many global watch brands do not possess. Titan's established prowess across the complete value chain of watch making - beginning from design, manufacturing, retail, sales and after-sales service, gives the company a unique advantage for venturing into high-end case manufacturing, mitigating the risk of dependence on China for imports, while truly reflecting the stance of Make in India, Titan Company said.
Titan Company's net profit rose 15.2% to Rs 190.73 crore on 8.6% rise in total income to Rs 2934.03 crore in Q3 December 2014 over Q3 December 2013.
Titan Company started first with watches, moved into jewellery making, followed by developing automation solutions and precision components manufacturing and then onto high quality optical lens Manufacturing.
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