Indian jeweller Titan to buy large stake in Dubai's Damas
The Tata Group company expects to complete the deal by January 31, 2026 and will have the right to acquire the remaining 33% stake in Damas after December 31, 2029, it said in an exchange filing on Monday.
Titan has had a presence in the UAE since October 2020 through its Tanishq jewellery stores.
After the deal, Titan, which has about seven stores in the United Arab Emirates, will gain access to Damas' 146 stores across the six GCC countries – UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
The Middle East is home to a large Indian diaspora, for whom gold is a traditional investment choice.
Asia gold: India demand muted despite price correction; buying picks up in China, Singapore
Other Indian jewellers in the region include the likes of Kalyan Jewellers, Joy Allukkas and Malabar Gold & Diamonds.
Damas, which was previously listed on Nasdaq Dubai, was taken over by Qatar's Mannai Corporation and Egyptian investment bank EFG Hermes in 2012 for $445 million. EFG Hermes sold its entire 19% stake in the jeweller in 2014 to Mannai.
Standard Chartered was Titan's advisor for the deal.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Indian fintech firm Paytm swings to profit, expects further boost
Indian fintech firm Paytm swung to a profit for the first time since September 2024, driven by robust growth in its lending business and tight cost controls, and said it expects a further improvement in earnings. The company posted a net profit of 1.23 billion rupees ($14.24 million) for the quarter ended June 30. It had last posted a profit in the September 2024 quarter due to a one-time gain from the sale of its ticketing business. The firm had posted a loss of 8.39 billion rupees in April-June a year earlier after the central bank ordered a shut down of its banking unit in January 2024. Since then, Paytm has increased its focus on core businesses and cut expenses and had projected a profit for the June quarter, when its revenue rose 28% to 19.18 billion rupees. Revenue from financial services, which includes the loan business, doubled year-on-year and that from payment services climbed 18%. Analysts said that Paytm logged strong growth in the merchant lending segments even as growth in personal loans stayed weak amid tightening of credit in the segment. 'For personal loans, based on the current trends, there are early signs of recovery,' Paytm said. Its expenses fell 19% year-on-year to 20.16 billion rupees during the quarter. Earnings before interest, taxes, depreciation, and amortization before the cost of employee stock options, a key metric, stood at 1.02 billion rupees. Paytm's shares rose 3.3% to a seven-month high before the results.
Business Recorder
an hour ago
- Business Recorder
Copper edges higher, others slip on uncertainty
LONDON: Copper prices drifted higher on Tuesday, buoyed by hopes for firmer Chinese demand, but investors were cautious about the impact of tariffs on economic growth and inflation. The three-month copper contract on the London Metal Exchange added 0.2% to $9,875 a metric ton in official open-outcry trading, having hit its highest in nearly two weeks in the previous session. 'The Chinese government's working plans to stabilize industrial growth and the launch of the giant Tibet hydropower plant are all positive signals to the metals market,' a Beijing-based futures analyst said. Other LME base metals were weaker amid concerns about negotiations ahead of an August 1 deadline for countries to secure trade deals with the U.S. or face steep tariffs. 'There are a lot of reasons to be cautious for the month ahead. We might see a pullback in terms of the base metals,' said Dan Smith, managing director at Commodity Market Analytics. 'I think the next month or two could be pretty interesting with all this pressure on the Federal Reserve to cut rates, but actually inflationary pressure is potentially building in the U.S.' Zinc prices hit four-month peak The period until September is also a seasonally weak period for demand, Smith added. On the Shanghai Futures Exchange, however, aluminium prices hit their highest since November, with the most active contract rising 0.75% to 20,900 yuan ($2,913.26) a ton. 'Aluminium fundamentals are the most solid among metals in China,' a Shanghai-based metals analyst at a futures company said. LME aluminium slipped 0.3% in official activity to $2,638 a ton, zinc eased 0.4% to $2,828, lead lost 0.5% to $2,005.50, nickel dipped 0.3% to $15,470 and tin fell 0.3% to $33,695.
Business Recorder
an hour ago
- Business Recorder
India, US interim trade deal prospects dim ahead of tariff deadline, sources say
NEW DELHI: The prospects of an interim trade deal between India and the United States before Washington's August 1 deadline have dimmed, as talks remain deadlocked over tariff cuts on key agricultural and dairy products, two Indian government sources said. U.S. President Donald Trump threatened a 26% tariff on Indian imports in April but paused implementation to allow for talks. That pause ends on August 1, though India has yet to receive a formal tariff letter, unlike over 20 other countries. India's trade delegation, led by chief negotiator Rajesh Agrawal, returned from Washington after a fifth round of talks without a breakthrough. 'An interim deal before August 1 looks difficult, though virtual discussions are ongoing,' one of the Indian government sources said, adding a U.S. delegation was expected to visit New Delhi soon to continue negotiations. Talks are stalled as New Delhi is refusing to open its politically-sensitive agriculture and dairy sectors, while Washington is resisting India's demand for relief from higher tariffs on steel, aluminium and autos. Officials are exploring if these issues can be deferred to a later stage, after an interim deal, the second Indian official said. India, US trade talks face roadblocks ahead of tariff deadline, Indian sources say Ajay Sahai, director general of the Federation of Indian Export Organisations, warned sectors like gems and jewellery could be hit hard if 26% tariffs are imposed. 'However, this could be temporary, as both countries aim to sign the deal over time,' he said. U.S. Treasury Secretary Scott Bessent told CNBC on Monday that the Trump administration was more concerned with the quality of trade agreements than their timing. Asked if the deadline could be extended for countries in talks, he said it was up to Trump. Indian officials remain hopeful of clinching a broader deal by September or October, in line with what was agreed by Prime Minister Narendra Modi and Trump in February. 'Given that there have been five rounds of negotiations and another U.S. delegation is expected, we remain optimistic about finalising a trade pact,' a third government source said. The sources requested anonymity as negotiations are not public. The Indian commerce ministry and the U.S. Trade Representative's Office did not immediately respond to emailed requests for comments.
