"We do not rule out further hike in stake, however there is no such plan in the immediate future," Timex Watches Ltd (TWL), the Indian unit of Timex Watches BV, chairman Amir Rosenthal said.

He said the parent company hiked its equity in TWL to 71 per cent from 63 per cent in August this year through a preferential allotment of shares amounting to $5 million. The public holds 24 per cent equity while the rest is controlled by financial institutions and non-resident indians, Mr Rosenthal said.

Timex Watches BV had invested Rs $2 million in March this year to increase its stake to 63 per cent from 29 per cent by buying out its joint venture with Titan Industries of the Tata group.

Mr Rosenthal said Timex has till date invested $20 million in its Indian operations and added the company would have to seek a fresh approval from the Foreign Investment Promotion Board (FIPB) for making fresh investments. He, however, declined to comment on the future investment plans of the company.

TWL has recorded a turnover of Rs 90 crore in 1999-2000 as against Rs 67 crore in 1998-99, he said.

"Our losses have decreased from Rs 17 crore in 1998-99 to Rs 13.5 crore in 1999-2000. We expect to do better this year," Mr Rosenthal said. TWL has a plant at Noida in Uttar Pradesh with an installed capacity of six million watches, he said and added that Timex was selling about 300 watch models in the country. About exports, Mr Rosenthal said the company was at present exporting watches and components to the parent company and also to Canada, South East and Middle East Asia and Europe.

On the price range, he said "The watches are priced about Rs 350 to Rs 3,000 as we are targeting the lower and moderately priced end of the watch market."