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India's Titan hikes dividend YOY

Indian watchmaker Titan Co. Ltd. on May 10 said that the company's board recommended a dividend of 3.75 rupees per share for the year ended March 31, up from 2.60 rupees the prior year.

The increased dividend will be payable seven days after the conclusion of the company's annual general meeting.

The announcement came on the back of a 52.6% growth in Titan's net profit for the year, which came in at 11.63 billion rupees.

The S&P Capital IQ consensus GAAP net income estimate for the year was 11.55 billion rupees.

As of May 9, US$1 was equivalent to 67.31 Indian rupees.