Titan Company stock has gained after four days of consecutive fall. The share has gained 63% in a year but lost 5.42% since the beginning of this year. 
Titan Company stock has gained after four days of consecutive fall. The share has gained 63% in a year but lost 5.42% since the beginning of this year. 
Shares of Titan Company rose nearly 2 per cent today after a report said that the firm was in talks to buy a majority stake in homegrown wearables maker Noise.
The gems and jewellery maker plans to boost its presence in the booming wearables market through the deal. Titan Company stock has gained after four days of consecutive fall. The large-cap share climbed 1.91 per cent to Rs 2,415 in early trade.
The stock trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages. The share has gained 63 per cent in a year but lost 5.42 per cent since the beginning of this year.
Total 0.16 lakh shares of the firm changed hands amounting to a turnover of Rs 3.78 crore on BSE. Market cap of the luxury goods firm stood at Rs 2.12 lakh crore.
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The large cap stock hit a 52-week high of Rs 2687 on January 7, 2022 and a 52-week low of Rs 1400.65 on May 4, 2021.
Noise is owned by Gurugram-based Nexxbase Marketing Pvt. Ltd.
The transaction is likely to value Noise at about Rs 700 crore- Rs 800 crore, said the report in a business news daily. The valuation of the firm is twice the consumer electronics maker's revenue of Rs 400 crore, similar to the companies in the wearables category.
The wearables category has seen a huge interest from youth due to affordable prices, capabilities such as fitness tracking, and access to phone notifications.
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Shipment of smartwatches more than tripled in 2Q21, zooming 206 per cent year-on-year and 18 per cent quarter-on-quarter led by homegrown brand Noise, according to data from Counterpoint's IoT Service.
Noise with a market share of a 27.3 per cent grew 29 per cent year-on-year in 2021.
Meanwhile, ICICI Direct has assigned a buy call to Titan Company with a target price of Rs 2,860. Time period given by analyst is 3 months for the reaching the mentioned target.
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