Titan stock extends gains on CCI nod to acquire additional stake in CaratLane

Shares of Titan Company Limited extended gains by nearly a percent to Rs 3,415 on November 22, rallying for the sixth consecutive trading session, after the Competition Commission of India approved an additional stake purchase in CaratLane, a subsidiary of the company.

On November 21, Titan stock rose over 1 percent to Rs 3,388 and topped a market capitalisation of Rs 3 lakh crore for the first time. The stock has displayed robust momentum throughout the year, witnessing a 32 percent gain. In November month so far, the stock has advanced over 6 percent.

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Tata Group’s watch and jewellery retailer increased its shareholding in CaratLane to 98.28 percent from 71 percent, paying Rs 4,621 crore for the purchase, the company said in an exchange filing.

Titan first acquired a 62 percent stake in CaratLane in 2016 for a consideration of Rs 357.24 crore, thereby making it a subsidiary of the company. Subsequently, Titan increased its stake in the omni-channel jewelry retailer.

“CCI via its letter dated 21st November considered the combination and approved the same”, Titan said in a regulatory filing on November 21.

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