Billionaire investor Rakesh Jhunjhunwala-backed most favourite stock Titan Company slipped during Thursday’s trade to close almost 1.5 per cent to Rs 2528.7 per share on the BSE, the crack was mainly seen due to brokerage house HDFC Securities reducing the share price target of Titan. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

HDFC Securities in its third quarter earnings preview for the financial year 2021-2022 has maintained a Sell rating for the stock, downgrading target price to Rs 1800 per share, down almost 29 per cent.  

See Zee Business Live TV Streaming Below:

While citing its view on Consumer Discretionary segment, HDFC Securities said, “Any disappointment in recovery momentum and a negative margin surprise could hurt the performances of stocks.” It added, “Changes in target price are largely a function of a 3M DCF roll-over (to Mar-23) and marginal EPS upgrades in select companies.” 

Ace investor Rakesh Jhunjhunwala has picked up an additional 0.22 per cent stake in Titan Company, in December-end quarter shareholding pattern available on the BSE. The total holding of the investor has jumped to 4.02 per cent stakes, which comes to 3,57,10,395 equity shares in the company. 

In the September quarter, the celebrity investor had held 3,37,60,395 equity shares to 3.8 per cent stakes in the jewellery and accessories company, the shareholding pattern mentioned. 

Rakesh Jhunjhunwala, who is also known as the Big Bull of the Indian stock market, along with his wife and Associates publicly holds 38 stocks with a net worth of over Rs 34,441.5 crore, as per the stock analysis website Trendline.  

The stock in the last one year has gained over 70 per cent returns, as compared to over 23 per cent rise in the BSE Sensex. Similarly, it has surged around 49 per cent in the last 6 months as against BSE Sensex jumped almost 16 per cent during the same period.