The surge in stock price to Rs 1,089 per share on Monday morning has helped ace investor Rakesh Jhunjhunwala, who holds 3.93 crore shares of the company, pocket gains worth Rs 180.8 crore.
Titan Company limited shares jumped 4.15% after the company announced a dividend of Rs 4 per share on Monday morning. Shares of the watch and jewellery manufacturer have managed to surge 33% since the March lows. The surge in stock price to Rs 1,089 per share on Monday morning has helped ace investor Rakesh Jhunjhunwala, who holds 3.93 crore shares of the company, pocket gains worth Rs 180.8 crore in little over an hour since the opening bell. Rakesh Jhunjhunwala has been an investor in the company for decades now and Titan is often touted as his favourite stock.
Shares of the company ended Friday’s trading session at a price of Rs 1,043 per share. Rakesh Jhunjhunwala at the end of April-June quarter held 3,93,10,395 shares of the company, as per the data available on the bourses. His total investment in Titan was valued at Rs 4,100 crore when stock exchanges closed for trading on Friday. As Monday’s session began and Titan’s share price soared higher, the Big Bull’s investment in the company increased to Rs 4,280 crore. Adding Rs 180.8 crore to the investment value.
Along with Rakesh Jhunjhunwala his wife, Rekha Jhunjhunwala, too owns a significant stake in the company with 97,40,575 shares in her name. Rekha Jhunjhunwala too gained from the jump in Titan stock, increasing her wealth by Rs 44.8 crore. Combined the Jhujhunwala’s hold 4.90 crore shares of Titan Company Limited or 5.53% of the total share capital. Their investment in the company stands at over Rs 5,300 crore.
In the quarterly update on how business has been, Titan last month informed investors that recovery in the jewellery segment has been better than expected. In its quarterly update, Titan said that revenues in the months of May and June were slightly below 20% and 70% when compared to the corresponding months of the previous year. “The recovery has been better than originally envisaged on the back of higher share of wedding jewellery sales, good sales coming from GHS scheme, and investment-led demand leading to higher gold coin sales,” the Tata Group company had said. Store re-opening has been better in non-metro cities for Titan due to the lower impact of the pandemic.