Rakesh Jhunjhunwala's favourite scrip Titan achieved a major feat on Thursday, with the firm crossing the Rs 1 lakh crore market capitalisation.
Rakesh Jhunjhunwala’s favourite scrip Titan achieved a major feat on Thursday, with the firm crossing the Rs 1 lakh crore market capitalisation. Titan shares surged more than 1.3% to hit the day’s high at Rs 1,129.25, taking the overall market capitalisation to top Rs 1 lakh crore, data from BSE showed. The stock has been a major outperformer in the recent times, surging more than 22% since January this year. Titan Company Ltd shares are trading 1.4% higher at Rs 1,130. Due to a rally in the stocks, the market-cap of Tata Group Company hit Rs 100,231 crore in intra-day trade today.
In an interview to CNBC TV18, S Subramaniam, CFO of Titan Company, said that while the consumption, remains weak, Titan is doing well due to a gain in market share. “Consumption is weak, but Titan doing well due to market share gain,” Subramaniam told the channel, adding that the recent rise in gold price has impacted consumer sentiment. According to him, liquidity concerns have slowed down growth in the industry.
“It is difficult to estimate that now because it’s coinciding. Yes, it’s a festival season; typically Akshaya Tritiya is a boom season, a lot of gold is purchased during this period but with the elections coming, we are not sure what sort of impact that is going to have on the sales,” he noted.
In Motilal Oswal’s wealth creation study published last year, Titan Company emerged as the ‘Most Consistent Wealth creator,’ according to a study. According to Motilal Oswal’s 23rd Wealth Creation study, jewellery maker Titan Company is the Most Consistent Wealth Creator in the last 5 years, recording a price CAGR of 33% in the period between 2008-2018.