Shares of Titan, a favorite of veteran investor Rakesh Jhunjhunwala, gained seven per cent on Thursday to touch a new level of Rs 1694. This is the highest ever level of this stock in intraday trading. Earlier this stock had touched the level of Rs 1620 on 6th January this year in BSE. On Thursday, Titan’s stock proved to be the biggest gainer. Titan’s market capitalization increased to Rs 1.5 lakh crore due to the increase of 6 per cent in its shares. Analysts believe that this stock can rally up to 7 per cent and reach Rs 1,800 in the next few days.
Titan shares may touch Rs 1800 level
Analysts believe that investors will continue to hold Titan’s stock for now as gold prices may rally now. Titan has gold jewelery showrooms across the country. It is one of the largest gold jewelery selling companies in the country. However, there is a risk in this stock that due to the lockdown, the sale of gold jewelery may decrease from the store. But Vishal Wagh, Research Head, Bonanza Portfolio, has said that after exiting the consolidation zone of 1400 to 1610, Titan’s shares can touch the level up to Rs 1800. They say that in the near term it is necessary to maintain a stop loss of Rs 1530. In June last year, the shares of Titan Company had recorded the biggest decline of 52 weeks and reached the lowest level of Rs 908.50. Since then the stock has made a rally of 85 per cent.
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FPI stake in Titan is 18%
Rakesh Jhunjhunwala holds 3.97 per cent and wife Rekha Jhunjhunwala holds 1.09 per cent in Titan. Mutual funds held 4.36 per cent stake in it at the end of January-March, 2021. At present, mutual funds hold 3.86 crore shares of Titan. FPI’s stake in the company is 18.10 per cent. FPI holds 16.06 per cent stake in it. The promoter’s stake in the company is 52.90 percent.
(Stock recommendations in the story are based on information provided by research analysts and brokerage firms. Financial Express Online does not take any responsibility for any investment advice. Please consult your advisor before investing.)
(Article: Surbhi Jain)
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