(Image: Twitter/Ratan Tata/Shutterstock/ET NOW News)Tata Group Company: Titan Company Limited (Titan) and Rhythm Jewellery Limited (Rhythm) have entered into a Joint Venture Agreement (JVA) to set up a new company in Bangladesh.
Joint Venture DetailsManagement: The joint venture company will have a board of four directors.
The Managing Director/CEO of the joint venture company will be selected from among Titan's nominees.
Shareholding Structure: Titan will hold 76% stake in the joint venture and Rhythm will hold 24%.
Titan Company Limited Share Target 2024Kotak Institutional Equities has issued a ADD rating to Titan Company shares.
Authored by : Anubhav Maurya Updated Jun 28, 2024 | 09:02 PM IST The joint venture will manufacture, market and retail Jewellery in the country. (Image: Twitter/Ratan Tata/Shutterstock/ET NOW News)
Tata Group Company: Titan Company Limited (Titan) and Rhythm Jewellery Limited (Rhythm) have entered into a Joint Venture Agreement (JVA) to set up a new company in Bangladesh. The joint venture will manufacture, market and retail Jewellery in the country. This will leverage the strengths of both companies, Titan’s experience in Jewellery business and Rhythm’s local market knowledge to create a strong presence in Bangladesh Jewellery market, as per regulatory filings.
The joint venture business will become a subsidiary of Titan, after incorporation and equity injection representing a major step in growing Titan's presence in the South Asian market.
Joint Venture Details
Management: The joint venture company will have a board of four directors. Titan will have three directors and Rhythm will have one. The Chairman will be one of Titan’s nominee. The Managing Director/CEO of the joint venture company will be selected from among Titan's nominees.
Shareholding Structure: Titan will hold 76% stake in the joint venture and Rhythm will hold 24%. Specifically, Titan will subscribe to 76,000 shares and Rhythm will subscribe to 24,000 shares, each at a face value of BDT (Bangladeshi Takas) 100 per share.
Titan Company Share Price Today
Titan shares began down at Rs 3,388 on the BSE on Friday. On the BSE, the stock was trading at a day high of Rs 3,419.95, and an intraday low of Rs 3,368.60. The IT giant's shares closed at Rs 3,406.10, down 0.76 percent from the previous closing of Rs 3,380.40 on the BSE.
Titan Company Limited Share Target 2024
Kotak Institutional Equities has issued a ADD rating to Titan Company shares. The firm cited the CMP of Rs 3,373 in their report dated June 27, 2024, and set the fair value of Rs 3,600 for the company.
Titan Share Price History
Titan is a constituent of S&P BSE Sensex and commands a market cap of Rs 3,02,388.84 crore, as of the current market price. The Tata Group company's stock has slumped over 0.09 per cent in the last month, and 7.32 per cent so far in 2024. In the past one year, two years, and five years, the stock delivered returns of Rs 12.60 per cent, 73.07 per cent and a whopping 155.17 per cent respectively. Looking back further the jewellery-maker's stock has yielded returns of 865.45 per cent in the ten years.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
