Rekha Jhunjhunwala buys over 6,00,000 more shares of this Tata Group stock in Q1

Rekha Rakesh Jhunjhunwala bought 6,50,000 additional shares of Titan Company in the June quarter, thereby increasing bets on one of the oldest investments of late Rakesh Junhjhunwala in the consumer discretionary space.

As of June end, Jhunjhunwala held a 5.36% stake in the Tata Group company, compared to 5.29% a quarter ago.

In the June quarter, Titan was among the best-performing stocks in the Nifty50 pack, gaining more than 21%. Earlier this month, the stock hit a lifetime high of Rs 3,210.

On a year-to-date basis, Titan has gained more than 15%, outperforming Nifty50, which has risen about 9%.

Even foreign portfolio investors (FPIs) have increased their bet on the jewellery maker in the last quarter. FPIs in category - I have raised their holdings to 17.79% as of June end from 16.86% a quarter ago.

Meanwhile, domestic mutual funds and Life Insurance Corporation of India marginally reduced their holding in the company.

As of June end, MFs held a 5.52% stake in Titan, compared to 5.78% a quarter ago. LIC’s stake came down to 1.77% from 2.09% QoQ.

The jewellery maker has seen consistent growth in earnings which has supported gains in the stock.

In the provisional update for Q1, Titan said it has registered a 20% year-on-year (YoY) revenue growth, with all the key consumer businesses witnessing double-digit growth in the quarter.

The mainstay jewellery segment saw a 21% YoY growth in the quarter gone by. The watches and wearables division clocked a 13% growth, while the EyeCare division saw sales growth of 10%.

The company will be releasing its earnings for the June quarter on August 2.

In trade on Tuesday, shares of Titan were trading 1.1% down at Rs 3,000.75 on the National Stock Exchange.