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    500114   INE280A01028

TITAN COMPANY LIMITED

(500114)
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End-of-day quote. End-of-day quote Bombay Stock Exchange - 10/27
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Titan : India's July gold imports surge 131% to 3-month high - govt source

08/05/2021 | 06:48am EDT
FILE PHOTO: Gold bars are displayed at a gold jewellery shop in the northern Indian city of Chandigarh

MUMBAI (Reuters) - India's gold imports in July more than doubled from a year earlier to their highest level in three months as demand improved after states lifted lockdown restrictions, allowing retail consumers to make purchases for weddings, a government source said.

Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, which have corrected nearly 13% from an all-time high of $2,072 in August 2020.

The surge in imports could increase India's trade deficit and pressure the rupee.

India imported 74 tonnes of gold in July, compared to 32 tonnes a year earlier, the government source said on Thursday, requesting to remain anonymous as he is not authorised to speak to the media.

In value terms, July imports surged to $4.2 billion from $1.78 billion a year ago, he said.

"Imports were far lower than normal during May and June due to lockdown restrictions. They jumped in July as states started relaxing lockdown restrictions from June," said a Mumbai-based dealer with a bullion importing bank.

Indian authorities had imposed localised lockdowns in the June quarter as new COVID-19 infections surged to a record high.

As the rate of infections came down, they allowed businesses to restart from June onwards in a phased manner.

"Many retail consumers wanted to make purchases for weddings. They resumed purchases as soon as jewellery stores lifted shutters," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the city of Kolkata.

The demand helped bullion dealers to charge a premium of up to $3 an ounce over official domestic prices, inclusive of 10.75% import and 3% sales levies.

India's gold imports in August could moderate to around 60 tonnes due to rising prices, said a Chennai based bullion dealer.

(Reporting by Rajendra Jadhav; editing by Vinay Dwivedi)

By Rajendra Jadhav


ę Reuters 2021
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Sales 2022 270 B 3 612 M 3 612 M
Net income 2022 21 269 M 284 M 284 M
Net cash 2022 1 779 M 23,8 M 23,8 M
P/E ratio 2022 104x
Yield 2022 0,25%
Capitalization 2 184 B 29 121 M 29 193 M
EV / Sales 2022 8,07x
EV / Sales 2023 6,74x
Nbr of Employees 7 235
Free-Float 42,3%
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Venkataraman Coimbatore Managing Director & Executive Director
Ashok Kumar Sonthalia Chief Financial Officer
Muruganandam Narayanaswamy Chairman
Dinesh Shetty Secretary, Compliance Officer & General Counsel
Ashwani Kumar Puri Independent Non-Executive Director
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