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Rakesh Jhunjhunwala portfolio stock Titan Company share price to ascended to a new life-time high of ₹2,719.65 apiece levels on NSE. Titan share price today opened with an upside gap of near ₹13 per share and went on to climb to its new peak, logging near 4.50 per cent rise in early morning deals. However, stock market experts are still bullish on the counter and advising positional investors to add this stock in one's portfolio.
According to stock market experts, this Rakesh Jhunjhunwala portfolio stock has given fresh breakout at ₹2680 to ₹2700 levels and it may go up to ₹2900 apiece levels in near term. They went on to add that recent rise in gold price and festival season across nation is expected to boost balance sheet of the luxury products company's stock price.
Advising positional investors to add this Rakesh Jhunjhunwala stock in one's portfolio; Sumeet Bagadia, Executive Director at Choice Broking said, "Titan share price has given breakout today at ₹2680 to ₹2700 levels. As the stock has ascended to its new peak, there can be some profit booking in the counter. So, fresh buyers are advised to wait and maintain buy on dips for near term target of ₹2850 to ₹2900 per share levels. However, one must maintain strict stop loss at ₹2550 levels."
Sumeet Bagadia of Choice broking said that those who have this Rakesh Jhunjhunwala stock in their portfolio are advised to hold the counter for above given target whereas fresh investors should enter in between ₹2600 to ₹2650 per share levels.
Highlighting the fundamentals that may support Titan share price rally in short to long term; Saurabh Jain, Vice President — Research at SMC Global Securities said, "Titan Company deals in jewelry, watches and eye-wear products. Its jewelry segment is expected to reap margin benefit from the recent gold price rally after the Russia-Ukraine war. Apart from this, this Tata group fashion company has presence in all parts of India. As India is a country of festivals, its business gets an additional volume due to the festivals falling in various parts of India. This has led to improvement in its market share and this trend is expected to further continue. So, one should add this stock in one's portfolio for long-term as it is expected to give stellar return in long term time horizon.
Big Bull earns ₹235 crore in 30 minutes
In early morning deals, Titan share price shot up ₹52.25 per share ( ₹2639.55 - ₹2587.30) in first 30 minutes of market opening. As per titan Company's shareholding pattern for October to December 2021 quarter, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have investments in this company. Rakesh Jhunjhunwala owns 3,57,10,395 Titan Company shares, which is 4.02 per cent of total issued paid-up capital of the company. Similarly, Rekha Jhunjhunwala holds 95,40,575 Titan Company shares or 1.07 per cent stake in the company. So, Jhunjhunwala couple together own 4,52,50,970 company shares or 5.09 per cent stake in this Tata Group flagship company.
As this Rakesh Jhunjhunwala stock surged ₹52.25 apiece in first 30 minutes of market opening, Rakesh Jhunjhunwala earned around ₹235 crore ( ₹52.25 x 4,52,50,970) in this period.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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