They are targeting a 10 percent market share overall, which will require them to grow at 20-25 percent annually every year, said Bhaskar Bhat, MD, Titan.
The Nirav Modi scam has hit the gems and jewellery segment as bankers have become reluctant to give funds to the sector and all Letter of undertakings (LOUs) have been put on hold.
The Cabinet on Wednesday allowed 100 percent foreign direct investment (FDI) under the automatic route for single-brand retail. To discuss in detail what would be the positive impact of the above development on ground for the retail companies CNBC-TV18 spoke to Rakesh Biyani, Joint MD, Future Retail, J Suresh, MD and CEO, Arvind Lifestyle Brands and to know the impact on their growth and stock prices, they spoke to Abneesh Roy, Senior VP, Edelweiss Securities.
In his first interview after being appointed to the Tata Sons board, Tata group veteran Bhaskar Bhat says that the group's focus will be to increase collaboration between companies and scale up businesses to leadership positions. Speaking exclusively to CNBC-TV18's Priya Sheth, Bhaskar Bhat who is also the MD at Titan Company says that that the company aims to hit USD 5 billion in revenue by 2025.
Trend towards consumer discretionary spend is increasing. I don’t think gold will be out of fashion for quite some time in India, said S Subramaniam, CFO of Titan.
Ajanta Pharma retains the tag of fastest wealth creator for the third time in a row and Asian Paints is the most consistent wealth creator, said the wealth creation study
Titan Company has been on a tear with nearly 100 percent gain so far this year. In an interview to CNBC-TV18, Bhaskar Bhat, MD of the company spoke about the latest happenings and his outlook going ahead.
Jewellery companies are in focus as the government has lowered the cap on cash transactions from Rs 3 lakh to Rs 2 lakh.
Sales of both jewellery and watches over the last one week has returned to the levels seen for the same period before demonetisation was announced, says S Subramaniam, CFO, Titan Company.
There is expected to be a slowdown in the market and a short term disruption due to the ban and the US elections with a Donald Trump win likely.
The partnership is to expand its luxury brands segment by adding another chain, which will be called Ethos, said S Ravikant, CEO of Titan.
Demand for gold continues to be muted, but clear growth for diamond studded products is visible for Titan, says the company‘s CEO S Subramaniam. Demand is a concern across the industry.
After the company posted its fourth quarter earnings, Titan said it is targeting 15 percent plus growth in fiscal year 2017.
Although the industry is not happy that the excise duty has not been rolled back, Sanjeev Agarwal, chief of Gitanjali Export Corporation, is relieved that jewellers are back in business.
Fourth quarter performance will be impacted by industry strike and also by the move to make PAN cards mandatory on all jewellery transactions of Rs 2 lakh and above, says S Subramaniam, CFO of Titan
Speaking to CNBC-TV18, Titan's Bhaskar Bhat said that the 1 percent excise duty levied on jewellery articles will widen the gap between the unorganized industry as the latter does not have to bear this additional duty.
S Subramanian, Chief Financial Officer, Titan, says the capex in the joint venture will not be high enough to impact earnings in the short term
In spite of walk-ins being a challenge for the industry, the company will go ahead with its store expansion plans because of its belief in the long-term Indian growth story, says S Subramaniam, CFO, Titan Company.
Nitin Mathur of SocGen says the consumer segment is just coming out of a prolonged slowdown. â€œWe were in any case not expecting any V shaped recovery to happen, it is going to be slow and gradual process and we are happy that things are on track for that,â€ he told CNBC-TV18.
Bhaskar Bhat, managing director of Titan, is afraid that such a rule will affect people who are not genuinely buying gold with unaccounted money.
The scrapping of export rule is very positive for the industry and would now reduce the arbitrage opportunity for smugglers, says R S Subramaniam, CFO, Titan.
S Subramaniam, CFO of Titan Company says it had to stop the previous Golden Harvest Scheme because of the changes in the Companies Act. The new scheme will be compliant with New Companies Act, he adds. It will be very similar to the old one, except that the returns have to be lowered to levels mandated by the Companies Act.
The sales of the company are expected to return to normalcy post Q2 FY15.
S Subramanian, CFO, Titan said the company has gained immensely from Golden Harvest â€” the 11+1 scheme â€” which will pave way for a bumper Q2. The company is now is planning to come out with another scheme in the next quarter that complies with the New Companies Act.
The Reserve Bank of India (RBI) has given approval to Titan for hedging of gold on international exchanges.