Titan Company share price fell over 1 per cent to Rs 1,693.65 apiece intraday on BSE, a day after Rakesh Jhunjhunwala cut his stake in watch-to-jewellery maker for the third consecutive quarter.
Titan Company share price fell over 1 per cent to Rs 1,693.65 apiece intraday on BSE, a day after Rakesh Jhunjhunwala cut his stake in watch-to-jewellery maker for the third consecutive quarter. Ace investor Rakesh Jhunjhunwala sold 22.50 lakh shares in the first quarter of the current fiscal. His wife Rekha Jhunjhunwala’s stake remained unchanged at 96.40 lakh shares or 1.09 per cent in Titan. Now, collectively they held 4.26 crore shares or 4.8 per cent stake in Titan Company at the end of the June 2021 quarter.
Titan company stock hit a record high of Rs 1,800 in the last week of June, rising over 91 per cent in a span of one year. So far this month, the stock price has corrected 2.6 per cent. While, on a year-to-date (YTD), the stock has added 8.5 per cent. In the previous quarter too, Jhunjhunwala sold 22.50 lakh shares. At the end of March 2021 quarter, Rakesh Jhunjhunwala held 3.97 per cent stake in the company. In the December quarter, ace investor reduced his stake to 3.75 crore shares or 4.23 per cent.
According to the previous close of Titan Company share at Rs 1711.10 apiece, Rakesh Jhunjhunwala has sold Titan Company shares worth Rs 384 crore during April-June 2021. Foreign portfolio investors (FPIs) have, however, increased their stake to 18.41 percent stake or 16.34 crore shares in the June quarter as compared to 16.06 crore shares or 18.10 per cent stake in the March quarter. LIC, the largest domestic institutional investor, also raised its stake in Titan Company to 3.96 per cent from 3.91 per cent during the quarter. ICICI Prudential Life Insurance Company has cut stake to 1.08 per cent in June 2021 quarter from 1.09 per cent in March 2021 quarter. Insurance companies together hold 5.50 per cent against 6.14 per cent at the end of March.
The mutual funds also cut their stake in Titan Company to 3.57 crore shares or 4.03 per cent from 3.86 crore shares or 4.36 per cent. Moreover, retail investors (individual share capital up to Rs 2 lakh) slashed their holdings to 8.93 per cent from 9.03 per cent.
Earlier this month, the company released a business update for the first quarter of FY22. The company noted that the sales recovery of Titan has been gradually improving across the businesses, along with the increase in the store operational days. Titan Company reported revenue growth of 117 per cent (excluding bullion sales) in the Apr-Jun quarter of the current fiscal, with revenue contributions of approximately 50 per cent, 10 per cent and 40 per cent coming from April, May and June months, respectively.