The Titan Company share price hit its all-time high amid surge in consumer durables stocks in trade today. Titan Company share, a part of ace investor Rakesh Jhunjhunwala's portfolio, hit a fresh all time high of 1,287.55 level, rising 21 points or 1.67% compared to its previous close of 1,266.40 on BSE. At 10:26 am, the stock was trading 1.52% or 19 points higher at 1285.70 level on BSE.
Rakesh Jhunjhunwala held 5.07 cr shares or 5.72% stake in the firm for the quarter ended March 2019. The ace investor pared his stake from 5.78% at the end of December quarter to 5.72% in the last quarter.
His wife Rekha Jhunjhunwala held 1.32% stake or 1.16 crore shares in the firm.
Titan Company stock has gained 43.45% during the last one year and gained 38.18% since the beginning of this year. The stock has gained 1963% during the last 10 years. Titan Company share price was trading above its 50-day and 200 day moving average of 1,182 and 1,051 levels, respectively.
26 of 30 brokerages rate the stock "buy" or 'outperform', three "hold" and one "underperform", according to analysts' recommendations tracked by Reuters.
Watches and accessories maker Titan Company reported a 14.4% rise in its consolidated net profit for the quarter ended March 31.
The firm posted consolidated net profit of Rs 348.3 crore compared to Rs 304 crore in the same quarter last year. Total revenue rose 19.87% at Rs 4,945 crore compared to Rs 4,125 crore on a year ago basis.
The maker of Titan watches and Tanishq jewellery made provisions to the tune of Rs 46 crore for investments made as part of treasury operations in inter-corporate deposits in the IL&FS Group.
Total income increased to Rs 4,945.06 crore for the quarter under review as compared to Rs 4,125.69 crore in the same period of 2017-18, Titan Company said.
For 2018-19 fiscal, the company posted a net profit of Rs 1,388.65 crore as against Rs 1,101.91 crore in 2017-18.
Total income during the last fiscal rose to Rs 19,961.46 crore from Rs 16,244.81 crore in 2017-18.
Edited by Aseem Thapliyal