Rakesh Jhunjhunwala’s favourite Titan Company stock hit a fresh record high of Rs 2,687.30 apiece, up 3.5 per cent, on BSE on Friday, as the company witnessed a 36 per cent revenue growth in Q3. Titan share price surpassed its previous high of Rs 2,678.10, touched in October last year. According to the shareholding pattern of Titan Company, Rakesh Jhunjhunwala, along with his wife Rekha Jhunjhunwala hold a combined 4.9 per cent stake or 4.33 crore shares in the company. The company in its quarterly update said that Titan witnessed a strong demand across its consumer businesses and clocked 36 per cent revenue growth over the festive quarter last year.
In the last one month Titan stock price has surged 10 per cent, while 51.6 per cent in six months. It’s nearly 4 per cent up so far this year, and rallied 70 per cent in the last one year. “Technically, till Titan doesn’t close above 2677, investors should use this rally to book partial profits. Close above 2677 could lead to an extended rally till 2782. 2572 will remain an immediate & strong support,” Pavitraa Shetty, Co-founder & Trainer, Tips2Trades, told Financial Express Online.
The Tata-owned company’s jewellery business witnessed a 37 per cent on-year growth (excluding sale of bullion). “Buoyancy in jewellery demand driven by festive purchases in October and November helped the division achieve significant revenue uplift for the quarter,” the company said in its update. In the watches and wearables category, Titan Company saw 28 per cent on-year growth. The eyewear business grew by 27 per cent due to strong demand for sunglasses and frames and also buyers opting for international brands.
What do charts say for Titan Company stock
Titan Company has tested its previous high point of 2671, formed a new incremental high and came off a bit from those levels, said an analyst. “The investors can safely stay invested in this stock. It may so happen that given the fact that the stock has tested a classical Double Top, it may see some resistance and/or consolidation around this level. If today’s high is taken out, it may see a continued up move. If not, then some consolidation is likely. Investors can stay invested with a trailing stop loss of 2500 on this stock,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told Financial Express Online.
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