Titan share price hits all-time high amid appointment of new chairman

Titan share price rose in early trade today amid news that the luxury goods firm appointed N Muruganandam as chairman in place of K Gnanadesikan. Titan share price rose 2.54% to touch a fresh all-time high of 1,112.40 compared to previous close of 1,084.85 on BSE. Titan share price has been gaining for the last 2 days and risen 2.85% in the period. Titan stock has gained 26.81% during the last one year and 18.94% since the beginning of this year.

Market capitalization of the jewellery manufacturer rose to Rs 98,375 crore on the BSE. Titan stock logged turnover of Rs 10.85 crore with 98,000 shares changing hands on BSE.

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27 of 31 brokerages rate the Titan stock "buy" or 'outperform', three "hold"  and one "underperform", according to analysts' recommendations tracked by Reuters.

Titan share price was trading above its 50-day and 200 day moving average of 1033.03 and 915.77 levels, respectively.

Tamilnadu Industrial Development Corporation, a co-promoter of Titan informed about the resignation of K Gnanadesikan, nominee of TIDCO, as a director of Titan Company with effect from March 14, 2019.

TIDCO also informed about the appointment of N Muruganandam, IAS, Principal Secretary, Industries Department, Government of Tamil Nadu, as a Chairman and Director on the Board of Titan Company in the place of K Gnanadesikan, IAS with effect from March 14, 2019.

N Muruganandam will hold office up to the date of the ensuing Annual General Meeting wherein his appointment as a Director, liable to retire by rotation, will be placed before the shareholders for their approval, Titan said in a release.

Titan Company is engaged in offering watches, jewellery and others. The company's segments include watches, jewellery, eyewear and others. The company offers plain and studded gold jewelry brands, such as Tanishq, GoldPlus, Zoya, Mia, which are retailed through Tanishq, GoldPlus, Zoya and Mia stores.

The company offers watches and accessories, such as bags, sunglasses in brands, including Titan, Sonata, Fastrack and sub brands, such as Raga, Xylys and Edge, among others.

The company's watches and accessories are retailed through World of Titan, Helios and Fastrack stores. The company offers frames, contact lenses, and Sunglasses in brands, such as Eyeplus. The company's eyewear brands are retailed through Titan Eye Plus stores.

Edited by Aseem Thapliyal