Titan Company shares surged by more than 3% following the Friday release of the Tata Group company’s report for the June quarter. Rekha Jhunjhunwala, a sizable public stakeholder and the late Rakesh Jhunjhunwala, a seasoned investor, saw her 5.29 percent interest in the jewellery maker’s notional value rise by around Rs 500 crore.
Shares of Titan Company increased by 3.39 percent to a new record high of Rs 3,211.10 only minutes after trading started. Titan Company’s market capitalization increased by Rs 9,357 crore from Rs 275,720 crore in the previous session to an all-time high of Rs 2,85,077 crore.
With a 5.29 percent ownership share in Titan Company, Jhunjhunwala made notional gains of Rs 494 crore. Her investment in the stock was valued at a record high of Rs 15,080.57, per information gleaned from the corporate database AceEquity.
“Buyer increase outpaced the growth in ticket size for this time. Although gold prices fluctuated significantly throughout the course of the quarter, Akshaya Tritiya sales in April and wedding purchases in June were both strong. With no discernible changes to the total product mix, the core categories of gold and studded saw strong growth. Golden Harvest, exchange programmes, and new shop openings all performed well during the quarter, according to Titan CFO Ashok Sonthalia.
Titan Company’s earnings growth visibility is still favourable, according to Motilal Oswal Securities, which noted that the Tata group company has consistently compounded earnings by 20% over a lengthy period of time.
Rekha Jhunjhunwala inherited a valuable stock portfolio from her late husband Rakesh Jhunjhunwala, who was often referred to as India’s Warren Buffett. Her husband invested in the brand-new, low-cost airline Akasa Air, which went into operation in August 2022, not long before he passed away. Her net worth is $6.1 Billion, according to Forbes.