Retailing stocks are trading weak led by Zodiac and Provogue. According to a leading financial daily, Titan Industries is set to acquire a Swiss watch brand. The Swiss brand named Favre Leuba will widen the product portfolio of Titan. Titan already sells a variety of products including sub Rs 500 watches, luxury watches, watches for children, watches specially designed for women, etc.
Titan is expected to shell out Rs 130 m for the same. The country's largest watch maker has signed a binding offer with Valfamily SL Spain and Maison Favre Leuba of Switzerland. This will help Titan in gaining global rights of the Swiss brand. Favre Leuba has a rich history in international markets and has been existing since 1737.
Media stocks are trading weak. Jagran Prakashan and Dish TV are the top losers. As per a financial daily, Zee Entertainment is in talks with Comcast Corp and Time Warner Cable Inc. for a distribution deal. The Indian media company wants to expand its reach in the US and is planning to triple the number of households it serves there from 10 m to 35-40 m. Zee has created a US$ 250 m fund for development and acquisition of Veria Living Network. Veria Network is New York based and focuses on health and well being. Earlier, an amount of US$ 100 m was allocated for the stated purpose.