Rakesh Jhunjhunwala's favorite Titan Company share price surged as high as 6 per cent to Rs 1,681.15, also a new all-time high, in intraday deals on BSE.
Titan Company share price surged as high as 6 per cent to Rs 1,681.15, also a new all-time high, in intraday deals on BSE. Rakesh Jhunjhunwala’s favorite stock surpassed its previous high of Rs 1,620.95, touched on January 6 this year and was the top Sensex gainer on Thursday. With a sharp surge of 6 per cent, Titan Company’s market capitalisation now stands close to Rs 1.5 lakh crore. Analysts believe that this stock may rally 7 per cent more from current levels to Rs 1,800 in the next few days.
The Gold has been trending higher from $1,700 to $1,900 in a span of 8-9 weeks. “Generally, we see lag of price action between gold and gold stocks by 21-34 trading days and Muthoot Finance rally in the last couple of days triggers the bullish sentiments in Titan,” Brijesh Bhatia, Senior Research Analyst, Equitymaster, told Financial Express Online. Brijesh Bhatia advised investors to hold or add Titan in their portfolio as gold is expected to rally up to $2,500. “The risk here for Titan is the sales numbers might hit with the lockdown as stores are closed and online too as some states have allowed only essential products to be delivered,” he said.
As Titan Company stock has broken out of the consolidation zone of 1400-1610, Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online that the next target of Titan will be Rs 1,800. “One should maintain a stop loss of 1530 for a short term,” he said. In volume traded terms, 2.64 lakh shares have traded so far in the session on BSE, while a total of 46.43 lakh scrips have exchanged hands on NSE. Last year in June, Titan Company hit a 52-week low of Rs 908.50 apiece, since then it has rallied 85 per cent.
Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala, held 3.97 per cent stake and 1.09 per cent stake, respectively, in Titan Company at the end of the March 2021 quarter, the shareholding pattern data showed. They collectively held 4.49 crore shares of Titan Company. At the end of Jan-Mar quarter of FY21, mutual funds held 4.36 per cent stake or 3.86 crore shares of this Tata group company. While foreign portfolio investors (FPIs) held 18.10 per cent stake or 16.06 crore shares. Promoters’ stake stood at 52.90 per cent.
After a breakout from its multiple highs of 1620 levels, Titan stock has scaled an all time high. Partial unlocking in various states has also improved sentiments for the retail sector. “We expect the stock to move higher for a target of 1800 over the next few weeks,” Vikas Jain, Senior Research Analyst at Reliance Securities, told Financial Express Online.
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