Ace investor Rakesh Jhunjhunwala has cut stake in two Tata group companies - Titan Company and Rallis India - in which he and his wife hold sizeable shares. The big bull of the Indian stock market has booked profit of around Rs 290 crore by selling shares in these two companies.
As per December shareholding data released by Titan, Jhunjhunwala sold 18 lakh shares of the company and now holds 3,75,10,395 shares, or 4.23 per cent stake in the company. Rakesh Jhunjhunwala and wife Rekha Jhunjhunwala together owned 5.52 per cent shares in the Titan Company at the end of September quarter. While Rakesh owned 4.43 per cent shares in gems and jewellery maker, Rekha held 1.09 per cent in the company. Based on the current market price, the value of 18 lakh shares of Titan that he sold amounts to Rs 268 crore.
The shares of watch-to-jewellery maker ended Thursday's trade at Rs 1,490.30, down 0.95 per cent, against the previous closing price of Rs 1,504.65. The large-cap stock has gained 125.13 per cent from its 52-week low of Rs 720 hit on March 24, 2020 to record high of Rs 1,620.95 as on January 6, 2021.
In a similar trend, Jhunjhunwala sold 7.25 lakh shares of Rallis India, cutting down his shareholding in the company to 7.26 per cent at the end of December quarter, from 7.64 per cent in the previous quarter. The stake he sold is worth around Rs 21 crore. Rekha Jhunjhunwala's stake in the agro-chemical company remained unchanged at 2.67 per cent.
On Thursday, shares of Rallis India ended 0.44 per cent higher at Rs 295 against the previous close of Rs 293.70. The stock hit its 52-week high of Rs 340 on August 26, 2020 and 52-week low of Rs 127.10 on March 24, 2020.
In other development, Rakesh Jhunjhunwala also sold 12 lakh shares of auto major Escort during October-December quarter, bringing down his shareholding to 4.75 per cent as compared to 5.64 per cent at the end of the September quarter.
Meanwhile, Jhunjhunwala bought shares of Tata Communications during the December quarter of FY21. Data available with BSE showed that Rekha Jhunjhunwala held 32,00,687 shares or a 1.12 per cent stake in Tata Communications at the end of Q3FY21.