Jewelry sale brand Tanishq the Titan company, owned by Tata Group, rose by 15.4% during the 3rd quarter of 2017 fiscal year, up to $ 489.27 million, compared to $ 423.92 million in the same period of the previous year.
Profit before tax increased by 15.1% in the third quarter to $ 50.3 million, versus $ 43.6 million in the same period in 2016.
For the nine months ended in December 2016, the jewelry business recorded sales growth of 7.5% from $ 1.03 billion in the same period in 2015 to $ 1.1 billion in 2016.
Bhaskar Bhat (Bhaskar Bhat), Managing Director of the Titan, said: "The third quarter was very encouraging for the company Despite the initial problems due to demonetization, the company managed to secure sales growth festival season has been very positive for our units for jewelry and watches.. . Our work continues, so we are going to create a demand for the introduction of new products and expansion of the network, while maintaining our focus on cost control. "
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The bankrupt Ellendale diamond mine can be returned to the local government in the light of the collapse of the diamond market, the Rapaport portal reports with reference to the daily newspaper The West Australian.
While the liquidators are trying to confiscate the property needed for diamond mining and pay a $ 28 million debt for environmental damage to the government's Mining Rehabilitation Fund, a new conflict is brewing around the mine.
The owner of the mine, the company Kimberley Diamonds, stopped mining it earlier this year after repeated delays in payment of royalties. In January, the Department of Mining and Oil of the State of Western Australia (Western Australia's Department of Mines and Petroleum, WADMP) filed a lawsuit to deprive the company of the rights to operate the mine due to its failure to pay $ 200,000 for the lease of production equipment.
Now the liquidators are trying to transfer the mine back to WADMP, trying to put an end to the costs of maintaining the mine, the newspaper said.
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