Rakesh Jhunjhunwala stock: Titan gains for 2nd day, surges nearly 6% after Tata Group share features in Macquarie's Asia marquee 'buy' list
Rakesh Jhunjhunwala Stock: Shares of Titan gained for the second day in a row after global brokerage Macquarie said the stock of the luxury good makers remains in its Asia marquee 'buy' list.
Rakesh Jhunjhunwala Stock: Shares of Titan gained for the second day in a row after global brokerage Macquarie said the stock of the luxury good makers remains in its Asia marquee 'buy' list. The counter gained over five and half per cent on the back of 'outperform' rating by the global brokerage. The Tata Group stock also forms a major part of ace investor Rakesh Jhunjhunwala's portfolio.
Celebrity investor along with his wife Rekha Jhunjhunwala hold 5.1% stake, comprising 44,850,970 shares, in gems and jewellery manufacturer in the quarter ended March 2022. Of the total, as many as 35,310,395 shares (4%) are being held by the billionaire investor and 9,540,575 shares or 1.1% stake is under the name of Rekha Jhunjhunwala in the same quarter. In terms of value, it is also the stock where the Big Bull of the Indian market has parked his money the most.
Macquarie has maintained an 'outperform' rating on Titan shares with a target price of Rs 3,000, which translates into an upside of over 52% on Monday's closing price of Rs 1962.35 per share.
As per the brokerage, demand trends remain healthy for this Jhunjhunwala portfolio stock.
"Channel checks suggest demand trends remain healthy as premium end consumers remain relatively resilient to inflationary headwinds. The stock trades close to its 5-yr average PE ratio despite demand strength and visibility on medium-term growth," it added.
On Tuesday, shares of Titan were trading with gains of nearly six per cent or Rs 115 to Rs 2072.85 per share on the BSE.
In the quarter ending March 2022, Tata group firm Titan Company Ltd had reported a 7.21 per cent decline in its consolidated net profit at Rs 527 crore in the fourth quarter against a net profit of Rs 568 crore in the January-March quarter of FY21.
Its total income was up 4.25 percent to Rs 7,872 crore during the period under review as against Rs 7,551 crore in the corresponding period of the preceding fiscal.
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