Titan surges 5%; board to pay interim dividend by March 31

MUMBAI: Shares of Titan Company today surged nearly 5 per cent after the company announced an interim dividend to be paid by the end of this month.

Shares of the company soared 4.58 per cent to close at Rs 357.55 on the BSE. Intra-day, the stock rose by 5.20 per cent to trade at Rs 359.70.

On NSE, the shares jumped by 4.81 per cent to close at Rs 356.25. On the volume front, total 13,99,074 shares were traded on the bourse.

In a filing to the BSE, Titan Company said, "the interim dividend will be paid/dispatched to the shareholders on or before March 31, 2016".

The company had earlier declared an interim dividend of Rs 2.20 per equity share of Rs 1 each.

Also, Tata Global Beverages ( TGBL) yesterday transferred 92.48 lakh shares, worth Rs 312.30 crore, of Titan Company Ltd to Tata Sons Ltd through an open market transaction.

According to bulk deals data available with BSE, TGBL offloaded 92.48 lakh shares or 1.04 per cent stake in Titan Company Ltd.

Taking cue from this transaction, shares of TGBL surged 1.38 per cent today to close at Rs 121.30 on BSE.

On NSE, it closed at Rs 121.50 per share, a rise of 1.33 per cent.