Titan, a lifestyle company that manufactures fashion accessories including jewellery, eyewear and watches, is the favorite company of Rakesh Jhunjhunwala, the big bull of the stock market. Titan’s shares have climbed 18% in the last 1 month and their price has increased from Rs 1455.85 to Rs 1730.20.
Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala hold 5.6% stake in this company. Rakesh Jhunjhunwal holds 3.75 crore equity shares i.e. 3.97% shares, while his wife Rekha Jhunjhunwala holds 96.6 lakh shares i.e. 1.09% shares. The total value of Jhunjhunwala’s share in the company is more than Rs 8,150 crore at the current price of Titan’s share of Rs 1730.20.
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Market experts say that the stock of Titan company is expected to rise further and the company’s shares can give double digit returns in the coming days. Experts say that there has been a breakout in the stock of Titan company recently and it is looking positive on the technical chart.
Avinash Gorakshar, Head of Research, Profitmart Securities, said that 30% of the company’s revenue comes from the jewelery retail business and as the lockdown opens, the company’s jewelery business will pick up. Due to which the stock of Titan company will benefit. However, he added that the company’s June quarter results will be weak due to the closure of most stores.
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At the same time, Mudit Goyal, Senior Research Analyst, SMC said that recently the share of Titan Company has shown a breakout at the level of Rs 1670. Whereas in the last 5 sessions, its stock has shown a side-way, due to which it is expected that the company’s shares will grow rapidly.
He suggested the investors to buy the share of Titan company keeping in mind the target of Rs 1840 to Rs 1890. Also asked to keep its store loss at Rs 1670. Mudit Goyal advised investors to buy Titan Company’s stock at market value.
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Along with the company’s jewelery business, there has been a tremendous growth in the eyewear and audio accessories business. Because of this, market experts say that Titan’s stock can see a strong rise.
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