According to the data available with BSE, the big bull's wife Rekha Jhunjhunwala has sold 50,000 shares of Titan Company in the July-September quarter
Titan Company stock is currently trading at 47x FY23E earnings, which leaves little room for further upsides in the near‐term
Rakesh Jhunjhunwala’s favourite stock Titan Company gained 1.38 per cent from day’s low to Rs 1,229 apiece on BSE, after the company released a shareholding pattern for the period ended September 30, 2020. Earlier in the morning, Titan share price fell nearly 1 per cent in the opening deals. According to the data available with BSE, the big bull’s wife Rekha Jhunjhunwala has sold 50,000 shares of Titan Company in the July-September quarter of the current fiscal. Rekha Jhunjhunwala held 96.90 lakh shares, or 1.09 per cent stake in the company, as of September 30, 2020. However, the ace investor’s wife had 97.40 lakh shares or 1.10 per cent stake in Titan in the quarter ended June 30.
On the other hand, Rakesh Radheshyam Jhunjhunwala’s shareholding stood at 4.43 per cent, with no change from the April-June quarter. Rakesh Jhunjhunwala held a total number of 3.93 crore shares in Titan. Besides, Life Insurance Corporation of India (LIC) has increased its stake in the company by 0.78 per cent to 3.31 per cent from 2.53 per cent earlier in the July-September quarter. Similarly, foreign portfolio investors (FPIs) increased their shareholding by half a per cent to 18.05 in the September quarter, as against 17.55 per cent in the quarter ended June 30. LIC and FPIs held 2.93 crore and 16.02 crore shares, respectively, at the end of September 30, 2020.
On the flip side, mutual funds reduced their stake by 0.94 per cent to 4.63 per cent from 5.57 per cent earlier. Mutual funds held 4.10 crore shares of the company. Earlier, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala had reduced equity holdings Titan Company by selling over 1 crore shares in the January-March quarter.
Last week, Titan in its quarterly business update for Q2 of FY 2020-21 informed that its jewellery division did well in the July-September quarter, with a recovery rate of around 98 per cent in the second quarter as compared to the revenue of the same quarter in last year. Despite the inauspicious period of Shradh, the sales in September month had been decent.