Titan shares jump 7% to hit record high, m-cap nears Rs 1.5 lakh crore

Stocks

Rising gold prices are seen as a positive factor for Titan shares as consumers buy jewellery in anticipation that gold prices may continue to rise in days to come.

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One of the favourite stocks of ace investor Rakesh Jhunjhunwala – Titan Company – scaled a fresh record high of Rs 1,688.75, jumping almost 7 percent in intraday trade on June 3.

The market-capitalisation of the stock jumped to nearly Rs 1.5 lakh crore.

Analysts point out that the unlock theme is playing out for the stock as several states have started to ease restrictions. While the pandemic has battered unorganised players, the organised ones like Titan look well-positioned to gain after the end of the pandemic-triggered lockdown.

Besides, rising gold prices are also seen as a positive factor for Titan shares as consumers buy jewellery in anticipation that gold prices may continue to rise in the days to come.

A strong balance sheet, wider market reach and a wide array of products are Titan’s strength against its peers.

Titan Company, which was once a crown jewel in Jhunjhunwala’s portfolio is losing its sheen. Historic data suggests that Jhunjhunwala reduced the stake from 7 percent back in March 2019 to a little over 5 percent in March 2021.

Jhunjhunwala’s stake in Titan was 5.06 percent at the end of Q4FY21 against a 5.32 percent holding at the end of Q3FY21.

Titan Company reported a healthy 48.2 percent year-on-year (YoY) growth in standalone profit for the Q4 FY21, driven by the jewellery business.

Shares of Titan traded 6.31 percent higher at Rs 1685 on BSE at 1,505 hours.