Titan Company Stocks Rose: Titan Company, which is among the largecap stocks, is witnessing a spectacular boom today.
Titan Company Stocks Rose:
Today, the Titan Company, which is included in the LORGCAP shares, is witnessing a spectacular boom. In today’s trading, the stock strengthened to close to 6 percent and reached the price of Rs 1268. It closed at Rs 1199 on Tuesday. With this boom in the stock, the overall company’s market cap has increased by 60 thousand crores, while investors have also been silver. In fact, amid the opening of the lockdown, the company’s business is slowly coming back on track. After this news, investors today shopped with heart.
Jewellery recovery rate 98 percent
Titan Company has said that the company’s business has reached the pre COVID level. Since July, the company’s business has reached a normal level in the September quarter i.e. Q2. The jewellery recovery rate in Q2 has been around 98 per cent on an annual basis. There has been a 55 percent recovery in watch business in Q2. 390 crore worth of jewelery is sold in Q2. Gold sales continue to grow. There is a 58 percent recovery in the eyewear business. Since then, the sentiment of investors strengthened.
Rakesh Jhunjhunwala’s increased wealth
In today’s business, Titan Company has touched a high of Rs 1268. At this price, the value of the investment of veteran investor Rakesh Jhunjhunwala in the company’s shares increased to Rs 6220 crore. Jhunjhunwala currently owns 49,050,970 shares of Titan Company. At the rate of Rs 1268, his value was 6220 crores. While the stock closed at Rs 1199 yesterday, its total value was Rs 5881.2 crore. That means in less than a day it increased by 339 crores.
At the same time, during this time, the wealth of investors has also increased by 60 thousand crores. Today the company’s market cap has increased to 112554 crores. It was Rs 106529 crore at Rs 1199 per share yesterday.
What is the benefit
Talking about lifestyle category, Titan Company is in leading position in organized jewelery and watches segment. Its mid-term growth outlook remains good. It is getting support from wedding/fashion jewellery. Expect better sales in the coming days in the wedding season. Due to the shift to jewelery business organized players, the company has benefited from faster recovery in unlocking.
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