Titan Company was among the top performing underperformers on the stock exchanges during Tuesday’s trading session. Titan stock closed at Rs 1,066.50 per coin, down 3.73% on Sensex. The performance comes after the company announced the formation of a wholly owned subsidiary called Titan Commodity Trading.
Titan Commodity Trading was formed with an authorized capital of Rs2cr and a paid-up capital of Rs1 lakh. The turnover or the size of the company is not applicable because it is a newly incorporated company.
In particular, the initial subscription of Rs1 lakh does not fall within the scope of transactions between related parties. Titan holds 100% of the paid-up share capital of the commodities trading branch.
Titan formed this commodity trading subsidiary to continue the trading activity of various entities / the Company) commodities and products by acquiring or registering as a member of various commodity exchanges and to acquire and develop technology to facilitate the trade, negotiation, purchase and sale of all types of direct raw materials or futures on raw materials and other precious materials.
The company further stated that Titan Commodity Trading will regularly conduct its trading activities in all types of direct and derivative commodities, commodity futures, currencies and other securities by acquiring or registering as a member of various commodity exchanges.