Timex Group India rises on inking Job Work agreement with Time Master Watches and Accessories
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Timex Group India is currently trading at Rs. 187.00, up by 1.60 points or 0.86% from its previous closing of Rs. 185.40 on the BSE.
The scrip opened at Rs. 191.00 and has touched a high and low of Rs. 198.90 and Rs. 183.60 respectively. So far 177783 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 203.00 on 18-Oct-2023 and a 52 week low of Rs. 101.20 on 25-Oct-2022.
Last one week high and low of the scrip stood at Rs. 203.00 and Rs. 182.00 respectively. The current market cap of the company is Rs. 1891.80 crore.
The promoters holding in the company stood at 74.93%, while Institutions and Non-Institutions held 0.38% and 24.69% respectively.
Timex Group India has entered into a Job Work Agreement with M/s Time Master Watches and Accessories (TMWAPL). In terms of Job Work Agreement, the company agreement/ JV will manufacture/ assemble Daniel Wellington (DW) brand of watches for TMWAPL on job work basis. These watches will be assembled at Company's manufacturing unit in Baddi.
The above transaction is in the best interest of the company as it will help the company to utilize its expertise of watch making and will have positive impact on its revenue. This will also help in utilizing company's unutilized manufacturing capacity.
Timex Group India designs, manufactures and markets innovative timepieces around the world.
