Ace investor Rakesh Jhunjhunwala's favourite stock Titan Company share price has more than doubled in the last nine months. Titan shares have surged 110 per cent to Rs 1,525 per share, from its 52-week low of Rs 720 apiece as on March 24, 2020.
Earlier today, shares of Titan Company opened higher at Rs 1,515 against the previous closing price of Rs 1,501.75 on the Bombay Stock Exchange. During the day's trade, the stock gained as much as 1.5 per cent to hit 52-week high of Rs 1,525.30. The market cap of the Tata Group company stood at Rs 1.35 lakh crore.
On the volume front, there was surge in buying as 1.04 lakh shares changed hands over the counter as compared to two-week average volume of 0.78 lakh shares.
On the National Stock Exchange, Titan shares were trading 1.28 per cent higher at its 52-week high levels of Rs 1,521.15, against the previous closing price of Rs 1,501.95.
As per the latest shareholding pattern available with the exchange, big bull Rakesh Jhunjhunwala and wife Rekha Jhunjhunwala together hold 5.52 per cent shares in the Titan Company. While Rakesh owns 4.43 per cent shares in gems and jewellery maker, Rekha holds 1.09 per cent in the company.
During the September quarter, Rekha Jhunjhunwala sold 50,000 shares of Titan Company. She held 97,40,575 shares or 1.10 per cent at the end of June quarter which reduced to 96,90,575 shares, or 1.09 per cent at the end of September quarter. However, Rakesh Jhunjhunwala continues to hold his 4.43 per cent stake.
Meanwhile, Life Insurance Corporation and foreign portfolio investors raised their stake to 3.31 per cent and 18.05 per cent, respectively, in September quarter from 2.53 per cent and 17.55 per cent, respectively, for the quarter ended June 2020. However, mutual fund houses cut stake in Titan to 4.63 per cent from 5.57 per cent during the same period.
For July-September quarter of the current fiscal, Titan Company reported 37.81 per cent year-on-year decline in net profit at Rs 199 crore for the second quarter ended September 30, 2020. The watch-to-jewellery maker posted 1.72 per cent decline in total income at Rs 4,389 crore in Q2 FY21, from Rs 4,466 crore in September quarter of 2019.
As on September 30, 2020, the company's retail chain (including CaratLane) stands at 1,832 stores, with a retail area crossing 2.4 million square feet for all its brands covering 290 towns.
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