Titan Falls 3% After Scrapping Gold Deposit Schemes
Shares in Titan fell nearly 3 per cent in early trade on Monday after the company said it is winding down gold deposit schemes.
Tanishq, the gold and jewellery division of Titan, scrapped its gold deposit schemes Golden Harvest and Swarna Nidhi after the new Companies Act termed these as public deposits. Titan had stopped taking fresh deposits from April 20 from customers, awaiting clarification on these gold deposit schemes.
According to estimates, these two schemes used to generate 15-20 per cent jewellery sales for the company. The company had nearly Rs 1,300 crore worth of deposits last year from these gold schemes.
Titan fell 9 per cent past week after there was no announcement in the Budget on easing of gold import curbs.
As of 9.42 a.m. shares in Titan traded 1.77 per cent lower at Rs 324.40 compared to 0.16 per cent fall in Nifty.
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