Titan Industries lost 2.89% to Rs 241.80 at 14:03 IST on BSE after the Reserve Bank of India put restriction on fresh foreign portfolio investment in the company's shares.
Meanwhile, the S&P BSE Sensex was up 151.79 points or 0.73% at 21,046.73
On BSE, 2.01 lakh shares were traded in the counter as against average daily volume of 3.31 lakh shares in the past one quarter.
The stock hit a high of Rs 247.70 and low of Rs 240.10 so far during the day. The stock hit a record high of Rs 313.60 on 30 November 2012. It hit a 52-week low of Rs 200 on 13 June 2013.
The stock underperformed the market over the past one month till 6 November 2013, rising 3.56% compared with the Sensex's 4.92% jump. The scrip also underperformed the market in the past one quarter, falling 4.19% as against Sensex's 11.54% rise.
The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Re 1.
The Reserve Bank of India (RBI) after market hours on Wednesday, 6 November 2013, notified that the aggregate net purchases of equity shares in Titan Industries by foreign institutional investors (FIIs) in the primary/secondary markets under Portfolio Investment Scheme (PIS) had reached the trigger limit. Hence, further purchases of equity shares of the company would be allowed only after obtaining prior approval of the RBI.
FIIs, at the end of September 2013, controlled 22.43% stake in Titan Industries, while promoters holding stood at 53.05%.
Titan Industries' net profit rose 3.6% to Rs 186.65 crore on 2.6% growth in total income to Rs 2359.35 crore in Q2 September 2013 over Q2 September 2012.
Titan Industries retails branded gold jewellery under the brand name Tanishq. It sells watches under a premium brand Titan and economy brand Sonata.
Powered by Capital Market - Live News
