Exchange Data said that FIIs bought equities worth ₹2,208.23 crore on Tuesday (September 10, 2024). File
| Photo Credit: Reuters

Equity benchmark indices declined in early trade on Wednesday (September 11, 2024) after two days of gains amid selling in Tata Motors and weak trends in Asian markets.

The 30-share BSE Sensex fell 111.85 points to 81,809.44. The NSE Nifty dipped 39.2 points to 25,001.90.

Among the 30 Sensex firms, Tata Motors, ICICI Bank, Titan, HDFC Bank, JSW Steel, Tech Mahindra, UltraTech Cement and Axis Bank were the major laggards.

Asian Paints, Bharti Airtel, ITC and Hindustan Unilever were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The U.S. markets ended mostly with gains on Tuesday (September 10, 2024).

Foreign Institutional Investors (FIIs) bought equities worth ₹2,208.23 crore on Tuesday (September 10, 2024), according to exchange data.

Global oil benchmark Brent crude climbed 0.59% to $69.60 a barrel.

The BSE benchmark climbed 361.75 points or 0.44% to settle at 81,921.29 on Tuesday (September 11, 2024). The NSE Nifty surged 104.70 points or 0.42% to 25,041.10.

Representational image
| Photo Credit: Reuters

Jewellery maker Titan on Saturday announced increasing stake in its subsidiary and new-age jewellery brand CaratLane to 98.28% by acquiring an additional 27.18% share for ₹4,621 crore.

The Tata group-managed firm has entered into a share purchase agreement with CaratLane founders — Mithun Sacheti and Srinivasa Gopalan — and their family members to acquire all the shares held by them representing 27.18%, taking its total holding to 98.28%, said a joint statement.

“CaratLane is a subsidiary of the company and on completion of the aforesaid share purchase would result in an increase in shareholding of the company in CaratLane from 71.09% to 98.28%t on a fully diluted basis,” it said.

Over the cost of the acquisition, Titan said it will pay “₹4,621 crore towards the purchase of 27.18% equity shares of CaratLane on a fully diluted basis”.

CaratLane Trading is an unlisted entity and its turnover in FY23 stood at ₹2,177 crore. It also operates in the manufacturing and sale of jewellery.

Titan expects the acquisition to be completed by October 31, 2023, subject to the timely receipt of requisite regulatory approvals from the Competition Commission of India (CCI).

“On acquisition of 27.18% of the shareholding of CaratLane, the company would hold an aggregate of 98.28 per cent of the equity share capital on a fully diluted basis and voting rights in CaratLane,” it said.

Titan Managing Director C.K. Venkataraman said: “Titan has always prided itself in building strong brands that are amongst the leaders in their categories. We have great faith in the India consumer story and believe that the growth journey of CaratLane has only begun and has a long way to go.

CaratLane Founder and Managing Director Mithun Sacheti said: “Looking into the future, there couldn’t be a more ideal destination for CaratLane than Titan and the esteemed Tata Group who will provide the perfect opportunities for CaratLane to continue to grow from strength to strength.”

CaratLane was started as a purely online brand in 2008, looking at the fast-growing affordable and accessible jewellery market. Titan first invested in CaratLane in 2016 and over the past 8 years, in partnership with its jewellery brand Tanishq, CaratLane has witnessed substantial growth.

CaratLane also has a presence in the United States through its subsidiary.

Titan, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), operates Tanishq, Mia, Zoya and CaratLane brands.

It started operations in 1987 under the name Titan Watches but in 1994, diversified into jewellery (Tanishq) and subsequently into eye care (Titan Eye Plus) markets.

Over the last three decades, Titan has expanded into underpenetrated markets and created lifestyle brands across different product categories including fragrances, accessories and Indian dress wear (Taneira) and women’s bags.

Titan’s jewellery division registered a revenue of ₹31,897 crore in the financial year ended March 2023, contributing around 88 per cent to the company’s turnover.