Titan Company | Rakesh Jhunjhunwala raises stake
Ace investor Rakesh Jhunjhunwala has increased shareholding in jewellery-watches-to-eyewear maker Titan Company to 5.09 percent at the end of quarter ended December 2021.
Titan is the biggest stock in his portfolio, which is valued at Rs 11,849.64 crore at today's share price of Rs 2,618.65 per share, followed by Star Health and Allied Insurance.
Rakesh Radheshyam Jhunjhunwala raised his stake in Titan to 4.02 percent (3,57,10,395 equity shares) at the end of December 2021 quarter, up from 3.80 percent (3,37,60,395 shares) as of September 2021 quarter.
In addition, his wife Rekha Rakesh Jhunjhunwala's shareholding maintained at 1.07 percent (95,40,575 shares) during the same period.
With this, Jhunjhunwala's total shareholding increased to 5.09 percent in December quarter, up from 4.87 percent in previous quarter.
Titan share price has seen a correction of 13.5 percent in couple of months, falling from Rs 2,588.8 per share on October 18, to Rs 2,239.35 per share on December 20. This was largely in line with overall correction seen in the market as the Nifty50 corrected 10 percent.
However, with the recovery in overall equity market, the stock also recovered sharply rising 17 percent from December 20 till today, against the Nifty's rally of nearly 10 percent in the same period.
Meanwhile, Titan recorded strong demand across its consumer businesses and clocked 36 percent growth over the festive quarter last year. "Jewellery business grew by 37 percent YoY in Q3FY22
, watches & wearables up 28 percent, eyewear 27 percent and other businesses registered a 44 percent YoY growth," said the company in its BSE filing on January 6.