Rakesh Jhunjhunwala buys more Titan shares first time since December 2019, hikes SAIL stake

By: |
October 22, 2021 10:23 AM

Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have increased their stake in Titan Company Ltd for the first time in nearly seven quarters.

Rakesh JhunjhunwalaRakesh Jhunjhunwala now owns 3.37 crore equity shares of Titan.

Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have increased their stake in Titan Company Ltd for the first time in nearly seven quarters. According to the latest shareholding pattern of Titan, the Jhunjhunwala’s now hold a combined 4.9% stake in the company after having trimmed it for three consecutive quarters. Further, the big bull has added more of PSU stock Steel Authority of India (SAIL) to his portfolio, buying an additional 0.4% stake. Titan Company’s stock price has jumped 43% since the end of June this year till today, while SAIL has dropped 8% in value.

Big bull stops trimming Titan holdings

Rakesh Jhunjhunwala now owns 3.37 crore equity shares of Titan, up from 3.30 crore equity shares at the end of the June quarter. With the addition of nearly 7.5 lakh shares of the company, the big bull owns a 3.8% stake. Meanwhile, Rekha Jhunjhunwala has trimmed her stake in the company from 96.40 lakh shares at the end of June this year to 95.40 lakh shares at the end of September. However, the combined stake of the couple in the company has increased.

This is for the first time since the October-December quarter of 2019 that the big bull has increased his shareholding in Titan. In December 2019, Rakesh Jhunjhunwala, along with his wife, owned a 6.7% stake in Titan, which eventually dropped to 4.8% last quarter. During the previous quarter, shares of Titan soared 25% and have since extended gains by another 15% to now trade at Rs 2,453 per share. 

SAIL stake hiked again

Further, the ace investor has also increased his stake in the Steel Authority of India. Rakesh Jhunjhunwala appeared on the sharing holding pattern of SAIL last quarter with a 1.4% stake. However, the billionaire investor had earlier held a lower than 1% stake in the company, according to the company’s website. At the end of the July-September quarter, Rakesh Jhunjhunwala’s stake in the company has now increased to 1.8% with 7.25 crore equity shares. 

SAIL, an outperformer from the lows of March 2020 to May 2021, has since dropped 18%. SAIL’s share price was down 12% last quarter. However, since the end of September, the stock has gained 4.5% so far in October. Analysts at ICICI Direct expect SAIL to report a net profit of Rs 4,677 crore in the fiscal second quarter, up 21% from the previous three-month period.

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