Rakesh Jhunjhunwala's Titan stock soars 7.82% to Rs 2,170

113
2
Rakesh Jhunjhunwala's Titan stock soars 7.82% to Rs 2,170

The stock, which is a key component of the ace investor Rakesh Jhunjhunwala's portfolio, climbed 7.82 per cent to an intraday high of Rs 2,170. It was 95 against the previous close of Rs 2,013. 40 is on the BSE. The stock rose to Rs 2,171 on the Nifty. It was 60 against the previous close of Rs 2,013. In early trade, the 55 resulted in 7.84 per cent gains.

Titan's stock is the top gainer on Sensex and Nifty. Rakesh Jhunjhunwala and his wife Rekha held jointly 4,48, 50,970 shares, or 5.05 per cent, in the company at the end of March quarter. In the last quarter, Rakesh Jhunjhunwala held 3.53 crore shares, or 3.98 per cent, in the firm. His wife Rekha had 95.40 lakh shares, or 1.07 per cent, in the firm.

The stock hit a new all-time high of Rs 2,767. On March 21 this year, 55 was hit. It was at a 52 week low of Rs 1,661 on July 20, 2021. The large-cap stock opened with a gain of 5.79 per cent at Rs 2,130. Titan stock is trading higher than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

The large-cap share has gained 23.71 per cent in a year, but has lost 15.37 per cent since the beginning of the year. A total of 0.58 lakh shares of the firm changed hands, amounting to a turnover of Rs 12.55 crore.

The firm's market cap rose to 1.90 lakh crore on the BSE. Titan said its network expansion and campaigns continued to progress well throughout Q 1 FY 23, which was the non-disrupted first quarter in the last three years.

Sales in Q 1 FY 23 grew 205 per cent YoY on a low base and clocked a 3 year CAGR of 20.5% over Q 1 FY 20, Titan said.

Macquarie assigned an outperform rating to the stock in mid-June, with a target price of Rs 3,000, 55 per cent higher than the last close of Rs 19353.

It added that the stock trades close to its 5 yr average PE ratio despite demand strength and visibility on medium-term growth.