Titan Company share hit record high today as non-essential shops have been allowed to operate in some states in line with easing of coronavirus restrictions across India. Sentiments were also positive around the stock after reports said the company was meeting investors and analysts at conferences.
Share of Titan Company ended 6.69% or Rs 106 higher at Rs 1,691, a record closing for the large cap stock.
Ace investor Rakesh Jhunjhunwala held 5.06% or 4.48 crore shares at the end of quarter ended March 2021 against a 5.32 percent holding at the end of Q3FY21.
Titan Company, which was once a key component in Jhunjhunwala's portfolio, has lost its weightage over the years.
According to data, Jhunjhunwala has trimmed his stake from 7 percent in March 2019 to a little over 5 percent in March 2021.
A surge in gold prices is also seen as a positive factor for Titan stock as consumers are buying jewellery in anticipation that gold prices may continue to rise in the future.
Earlier, Titan stock hit its all-time high of Rs 1,702, rising 7.38% against previous close of Rs 1,585 on BSE. The stock has gained after 2 days of consecutive fall. Titan Company share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has gained 71.85% in one year and risen 7.88% since the beginning of this year.
Market cap of the firm rose to a record of Rs 1.50 lakh crore on BSE. Total 3.77 lakh shares changed hands on BSE amounting to turnover of Rs 62.91 crore in trade today.
In Q4 of previous fiscal, the gems to jewellery maker reported a 48% rise in net profit.
Net profit climbed to Rs 529 crore in last quarter as compared to Rs 357 crore on a year-on-year (YoY) basis. The board recommended a dividend of Rs 4 per equity share of Re 1 each of the company.
Revenue rose to Rs 7,135 crore, up 61% from Rs 4,429 crore in the same quarter last year.
The jewellery division recorded an income of Rs 6,397 crore in Q4 (excluding gold bullion sales) as compared to Rs 3,754 crore last year. The watches and wearables business recovered well in the quarter to record an income of Rs 555 crore against Rs 557 crore in the previous year.
The eyewear business also improved with revenues growing by 18% in the quarter, recording an income of Rs 127 crore as against Rs 108 crore last year.
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