Rakesh Jhunjhunwala’s portfolio stock Titan Company hit record high on Thursday, and rose over 5% on both the benchmark bourses. Through the jump in Titan’s stock, ace investor Rakesh Jhunjhunwala became richer by about Rs 449.18 crore. Titan’s stock rose 5.2% at Rs 2721.65 per share on NSE, and was up 5% at Rs 2720 apiece on the BSE in intraday trading. On a year-to-date basis, Titan’s shares are up over 7%. The stock was also among top gainers on BSE Sensex today.
In afternoon trading, the stock was up 4.5% at Rs 2,704 a piece. There are possibilities that the upsides (in the Titan stock) may get extended and the stock may move higher so long as it is able to stay above Rs 2650 levels, Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told FE.com.
“Titan tested the high point near 2690 in October; after that for nearly five months the stock has stayed in a rectangle formation and in a defined trading range between 2690-2300 levels. The stock has attempted a fresh breakout. There are possibilities that the upsides may get extended and the stock may move higher so long as it is able to stay above 2650 levels. Any slip below 2650 will send the stock back into trading range once again,” Vaishnav said.
The Bengaluru-headquartered luxury goods maker has been rallying on the bourses this week and Thursday’s 52-week high helped the company surpass its previous high of Rs 2,687.30 apiece, which it touched in January this year. Ace investor Rakesh Jhunjhunwala owns 3.8% stake in the company which is about 3.37 crore shares. Together with investor Rekha Jhunjhunwala, his wife, they own 4.87% stake in the company. Jhunjhunwala owns shares worth over Rs 9,180 crore and along with his family they together hold shares worth Rs 12,187 crore in the company.
