HomeTitan shares hits 52-week high; CFO says will benefit from HUID for gold hallmarking

Titan shares hits 52-week high; CFO says will benefit from HUID for gold hallmarking

Shares of Titan Company Ltd rose more than one percent on Tuesday to clock a 52-week high of Rs 1904.55 on the BSE. Titan CFO Ashok Sonthalia told CNBC-TV18 that Titan has been preparing for gold hallmarking and stands to benefit from it.

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By CNBCTV18August 31, 2021, 12:36:28 PM IST IST (Published)

Titan shares hits 52-week high; CFO says will benefit from HUID for gold hallmarking
Shares of Titan Company Ltd rose close to two percent on Tuesday to clock a 52-week high of Rs 1904.55 on the BSE. Titan CFO Ashok Sonthalia told CNBC-TV18 that Titan has been preparing for gold hallmarking and stands to benefit from it.


The Hallmarking Unique ID (HUID) process for gold hallmarking has some challenges, as it requires holding 5-7 days of more inventory, Sonthalia said. Unorganised players are facing some issues with gold hallmarking, he added.

Sonthalia also said the company's jewellery and eyewear businesses have returned to a growth phase. Though the stores haven't been fully operational yet, digital and omnichannel have supplemented sales.

Also Read: Titan gunning for growth; to open 35 Tanishq stores this year

The required hallmarking HUID, which went into effect on June 16, was met by a countrywide strike by gold jewellers in major cities. Jewellers asked that the obligatory quality mark be pulled back since the procedure was impractical, and the capacity to mark individual pieces of jewellery was insufficient, resulting in significant delays, among other issues.

At 11:45 am, the Titan stock was trading 1.66 percent higher at Rs 1907.90 apiece on the bourse. The S&P BSE Sensex index was up 0.47 percent, having hit an all-time high earlier in the day.

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