Titan Company share price tag surged as higher as 6 per cent to Rs 1,681.15, also a new all-time higher, in intraday offers on BSE. Rakesh Jhunjhunwala’s favored stock surpassed its preceding higher of Rs 1,620.95, touched on January 6 this year and was the best Sensex gainer on Thursday. With a sharp surge of 6 per cent, Titan Company’s market place capitalisation now stands close to Rs 1.5 lakh crore. Analysts think that this stock may possibly rally 7 per cent more from existing levels to Rs 1,800 in the next handful of days.
The Gold has been trending larger from $1,700 to $1,900 in a span of 8-9 weeks. “Generally, we see lag of price action between gold and gold stocks by 21-34 trading days and Muthoot Finance rally in the last couple of days triggers the bullish sentiments in Titan,” Brijesh Bhatia, Senior Research Analyst, Equitymaster, told TheSpuzz Online. Brijesh Bhatia advised investors to hold or add Titan in their portfolio as gold is anticipated to rally up to $2,500. “The risk here for Titan is the sales numbers might hit with the lockdown as stores are closed and online too as some states have allowed only essential products to be delivered,” he stated.
As Titan Company stock has broken out of the consolidation zone of 1400-1610, Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told TheSpuzz Online that the next target of Titan will be Rs 1,800. “One should maintain a stop loss of 1530 for a short term,” he stated. In volume traded terms, 2.64 lakh shares have traded so far in the session on BSE, whilst a total of 46.43 lakh scrips have exchanged hands on NSE. Last year in June, Titan Company hit a 52-week low of Rs 908.50 apiece, due to the fact then it has rallied 85 per cent.
Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala, held 3.97 per cent stake and 1.09 per cent stake, respectively, in Titan Company at the finish of the March 2021 quarter, the shareholding pattern information showed. They collectively held 4.49 crore shares of Titan Company. At the finish of Jan-Mar quarter of FY21, mutual funds held 4.36 per cent stake or 3.86 crore shares of this Tata group organization. While foreign portfolio investors (FPIs) held 18.10 per cent stake or 16.06 crore shares. Promoters’ stake stood at 52.90 per cent.
After a breakout from its a number of highs of 1620 levels, Titan stock has scaled an all time higher. Partial unlocking in many states has also enhanced sentiments for the retail sector. “We expect the stock to move higher for a target of 1800 over the next few weeks,” Vikas Jain, Senior Research Analyst at Reliance Securities, told TheSpuzz Online.
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