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Billionaire investor Rakesh Jhunjhunwala has raised stake in Tata Group's flagship company Titan Company Ltd during the third quarter ended December, according to an exchange filing.
According to the shareholding information updated to the exchanges, Rakesh Jhunjhunwala increased his stake to 4.02%, holding about 3,57,10,395 shares in the company.
Rekha Jhunjhunwala has a stake of 1.07% in the company, which was not changed since the September quarter. Together, both the Jhunjhunwalas hold 5.09% at the end of December quarter.
At the end of September quarter, Rakesh and Rekha Jhunjhunwala together held 4.87% in the company.
On Thursday, Titan scrip rose about 0.16% to settle at ₹2,617.20 apiece on NSE. In the last one year, the scrip has risen by 75.66%.
Titan saw strong growth momentum continue in Q3 with revenues rising by 36% year-on-year. Titan’s mainstay jewellery business, which accounted for more than 85% of revenues for the half-year ending September, continues to shine. The segment’s revenues, excluding bullion sales, increased by 37% year-on-year.
According to Titan, this time around, jewellery demand was robust led by festive season sales in October and November. Further, the proportion of studded jewellery in the overall pie has slightly improved year-on-year. For perspective: this measure stood at 26% in Q3FY21.
Both walk-ins and customer conversions were significantly higher compared to last year, Titan said, adding that new buyer growth was higher than total buyer growth driven partly by Tanishq's regionalization strategy of winning in focus markets.
The watches and wearables division saw strong growth momentum with multi brand channels, both online and offline, growing handsomely in the quarter, mainly on the back of Titan brand. The segment grew by 28% with 20 new store additions in the third quarter.
Rakesh Jhunjhunwala, revered as India's Warren Buffet or Big Bull has recently got clearance from the union government for his new airline venture Akasa Air.
Jhunjhunwala invests in both his own name and his wife's, Rekha Jhunjhunwala. He is a qualified Chartered Accountant and manages the asset firm Rare Enterprises.
Rakesh Jhunjhunwala and family, have a total net worth of ₹22,300 crore as of September, according to Hurun's rich list. His wealth has grown by a massive 52% over the last year.
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