CHENNAI: Tamil Nadu government’s stake in Titan has reached Rs 84,000 crore after the company crossed Rs 3 lakh crore market capitalisation on Tuesday.
The company share price rose nearly 2% on the BSE in the intra-day trade, hitting a new high of Rs 3,400 a share before closing at Rs 3394.15.
The state government, promoter of the company through Tamilnadu Industrial Development Corporation Limited (TIDCO), holds a 27.88% stake (24,74,76,720 equity shares) in the company.
The company hit the Rs 1 lakh crore mark in March 2019 and doubled to 2 lakh crore in October 2021.
Titan becomes the 17th largest company in the country after Axis Bank Limited and second Tata group company to hit the Rs 3 lakh crore market capitalisation after Tata Consultancy Services.
Its business range from jewellery, watches, eyecare, fragrances, fashion accessories, and Indian dress wear. Notable consumer brands from the company include Titan Clock, Favre Leuba, Fastrack, Sonata, Tanishq, CaratLane, and EyePlus.
Titan on Tuesday said it is planning to add over 3,000 employees in the next five years across domains including engineering, design, luxury, digital, data analytics, marketing and sales among others. “We are embarking on an exciting journey towards becoming a Rs 1,00,000 crore business in the next five years.
Our aggressive hiring strategy of adding 3,000 people in the next five years reflects our dedication to hire a diverse and talented workforce,” said Priya Mathilakath Pillai, Head HR, Titan - corporate and retail, in a statement. This helps bring in experts from various fields, young and experienced and accelerate growth and innovation, the statement added.