Experts bullish on this Rakesh Jhunjhunwala stock after Budget. Should you buy?
- Rakesh Jhunjhunwala portfolio: In budget 2022, FM Nirmala Sitharaman has announced to reduce customs duty on cut and polished diamonds and gemstones
Rakesh Jhunjhunwala portfolio: After announcement of reduction in duty on unpolished diamonds by Finance Minister Nirmala Sitharaman in budget 2022 today, stock market experts are highly bullish on gems and jewelry stocks, which include Titan Company. According to stock market experts, this Tata group stocks may give upside bounce on the proposed budget announcement by the Finance Minister and Titan Company share price may go up to ₹2820 in next 6 months.
Advising positional investors to add Titan Company shares in one's portfolio; Anuj Gupta, Vice President at IIFL Securities said, "This Rakesh Jhunjhunwala stock is poised to get benefit of recent customs duty cut in cut and polished diamond. Apart from this, the stock is looking positive on chart pattern as well. So, one can buy this Rakesh Jhunjhunwala holding stock at CMP for short term target of ₹2500 maintaining stop loss at ₹2340 apiece levels."
Speaking on this Rakesh Jhunjhunwala holding company; Ravi Singhal, Vice Chairman at GCL Securities said, "After the announcement of reduction in customs duty on cut and polished diamonds and gemstones, Titan Company is expected to emerge as one of the major beneficiaries of this budget announcement. I am expecting Titan Company shares to go up to ₹2820 in medium term or say in next 6 months."
In her budget speech today, FM Nirmala Sitharaman announced, "To give a boost to the Gems and Jewellery sector, Customs duty on cut and polished diamonds and gemstones is being reduced to 5 per cent. Simply sawn diamond would attract nil customs duty. To facilitate export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year."
To disincentivise import of undervalued imitation jewellery, FM Sitharaman announced, "...Customs duty on imitation jewellery is being prescribed in a manner that a duty of at least ` 400 per Kg is paid on its import."
Rakesh Jhunjhunwala holding in Titan Company
As per Titan Company shareholding pattern for October to December 2021, both Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have investments in this Tata group company. Rakesh Jhunjhunwala holds 3,57,10,395 shares or 4.02 per cent stake whereas Rekha Jhunjhunwala holds 95,40,575 shares or 1.07 per cent stake in the company.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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