Titan Company share cost fell more than 1 per cent to Rs 1,693.65 apiece intraday on BSE, a day immediately after Rakesh Jhunjhunwala reduce his stake in watch-to-jewellery maker for the third consecutive quarter. Ace investor Rakesh Jhunjhunwala sold 22.50 lakh shares in the initial quarter of the existing fiscal. His wife Rekha Jhunjhunwala’s stake remained unchanged at 96.40 lakh shares or 1.09 per cent in Titan. Now, collectively they held 4.26 crore shares or 4.8 per cent stake in Titan Company at the finish of the June 2021 quarter.
Titan firm stock hit a record higher of Rs 1,800 in the last week of June, increasing more than 91 per cent in a span of one year. So far this month, the stock cost has corrected 2.6 per cent. While, on a year-to-date (YTD), the stock has added 8.5 per cent. In the earlier quarter also, Jhunjhunwala sold 22.50 lakh shares. At the finish of March 2021 quarter, Rakesh Jhunjhunwala held 3.97 per cent stake in the firm. In the December quarter, ace investor lowered his stake to 3.75 crore shares or 4.23 per cent.
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According to the earlier close of Titan Company share at Rs 1711.10 apiece, Rakesh Jhunjhunwala has sold Titan Company shares worth Rs 384 crore for the duration of April-June 2021. Foreign portfolio investors (FPIs) have, having said that, enhanced their stake to 18.41 % stake or 16.34 crore shares in the June quarter as compared to 16.06 crore shares or 18.10 per cent stake in the March quarter. LIC, the biggest domestic institutional investor, also raised its stake in Titan Company to 3.96 per cent from 3.91 per cent for the duration of the quarter. ICICI Prudential Life Insurance Company has reduce stake to 1.08 per cent in June 2021 quarter from 1.09 per cent in March 2021 quarter. Insurance organizations collectively hold 5.50 per cent against 6.14 per cent at the finish of March.
The mutual funds also reduce their stake in Titan Company to 3.57 crore shares or 4.03 per cent from 3.86 crore shares or 4.36 per cent. Moreover, retail investors (person share capital up to Rs 2 lakh) slashed their holdings to 8.93 per cent from 9.03 per cent.
Earlier this month, the firm released a company update for the initial quarter of FY22. The firm noted that the sales recovery of Titan has been steadily enhancing across the enterprises, along with the raise in the shop operational days. Titan Company reported income development of 117 per cent (excluding bullion sales) in the Apr-Jun quarter of the existing fiscal, with income contributions of about 50 per cent, 10 per cent and 40 per cent coming from April, May and June months, respectively.