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Last Updated : Oct 11, 2019 01:37 PM IST | Source: Moneycontrol.com

Titan loses some glitter as Rakesh Jhunjhunwala pares stake in Q2

A regulatory filing shows Rakesh Jhunjhunwala and his wife together held 5,77,51,220 shares at the end of September, 7.82 percent lower than 6,26,51,220 shares they held at the end of June.

 
 
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India's ace investor Rakesh Jhunjhunwala reduced his stake in Titan in the September quarter, a BSE filing by the company has revealed.

As per the filing, as of September 2019, Jhunjhunwala held 5.10 percent, or 4,52,75,645 shares, of Titan Company, while at the end of June, he had held 5.75 percent, or 5,10,75,645 shares, of the company.

Interestingly, his wife, Rekha, increased her stake by 7.8 percent to 1,24,75,575 shares during the September quarter against 1,15,75,575 shares at the end of the June quarter.

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At the end of the September quarter, Rekha held 1.41 percent stake in Titan against 1.30 percent holding she had at in the previous quarter.

The regulatory filing shows Rakesh Jhunjhunwala and his wife together held 5,77,51,220 shares at the end of September, which is 7.82 percent lower than 6,26,51,220 shares held at the end of June.

Earlier in its filing to the exchange, Titan’s management shed some light on what investors could expect in Q2 FY20.

The company's jewellery sales declined sharply in July, as gold became costlier and the consumption sentiment in most parts of India remained subdued, thus resulting in lower discretionary spends on high-value products.

Some green shoots were visible in August and September. During these months, retail (secondary) sales grew 15 percent year-on-year (YoY) due to increased impetus towards advertising. On the flip side, experts say this would impact margins.

MBOs (multi-brand outlets) grew at a faster pace vis-a-vis EBOs (exclusive brand outlets) since a wider product/brand range is available under the same roof. E-commerce sales were healthy too.

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First Published on Oct 11, 2019 01:37 pm
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