Ace investor Rakesh Jhunjhunwala is known for his ability to pick multibagger stocks. One such stock, where he holds more than 6.8% stake is hovering near-all time high levels, and top brokerages including JP Morgan are bullish on the scrip.
Ace investor Rakesh Jhunjhunwala is known for his ability to pick multibagger stocks. One such stock, Titan, where he holds more than 6.8% stake is hovering near-all time high levels, and top brokerages including JP Morgan are bullish on the scrip. Titan Company shares were trading at Rs 964 on NSE this morning.
Titan Company shares had hit fresh record high of Rs 971.50 earlier this month on expectations of strong quarterly performance. Apart from JP Morgan, Motilal Oswal reckons that Q4FY18 turned out to be a good quarter for the jewellery division, with retail growth coming in at mid-teens, despite no new collection launch. The firm said that growth was driven by successful diamond jewellery activation and the revised gold exchange policy while watches performed strongly in the quarter, aided by the multi-brand and e-com platforms.
Track live stock price: Titan Company Ltd
Motilal Oswal has a share price target of Rs 1,050 per share. JP Morgan said that the company is moving in the right direction. We raise FY19-20 estimated EPS of 3-7%. JP Morgan expects 27% CAGR in EPS to support premium valuation. The firm’s target price implies an upside of more than 8.9% from the current market prices. The firm has retained its overweight rating on the stock.
Investment wizard Rakesh Jhunjhunwala’s favourite scrip Titan Company surged by more than 150% in 2017. The ace investor held more than 6.8% stake in the company as at the end of March quarter, translating to 6,10,32,645 shares, data filed with BSE showed. Calculated at current price show that his stake in the company amounts to Rs 5,891 crore, assuming no change in holdings.
At the end of previous quarter, Rakesh Jhunjhunwala had quizzed the Titan Company management on an earnings call. “Last year we saw a disturbed November and December and I understand you can’t forecast but there are many weddings in November and December — so would it be right to say that your sales in November and December growth should be much better as compared to September-October?,” he had asked. In an interview to ET Now in October-17, Jhunjhunwala said that Titan is his favourite stock.