BackRakesh Jhunjhunwala trims stake in this Tata Group company
As per the shareholding pattern available with the exchanges, Jhunjhunwala currently holds 3,53,10,395 shares or 3.98% stake in Titan
PremiumAce investor Rakesh Jhunjhunwala has trimmed his stake marginally in Tata group's flagship company Titan Company Ltd during the January-March period last fiscal year (Q4FY22).
As per the shareholding pattern available with the exchanges, Jhunjhunwala currently holds 3,53,10,395 shares or 3.98% stake in the company, down from 4.02% held as of December quarter.
On Wednesday, Titan shares closed 1.07% lower at ₹2,461.50 apiece on NSE. Markets are closed on Thursday and Friday.
On a year-to-basis, the stock has declined about 2.47%.
Meanwhile, Jhunjhunwala's wife Rekha's stake is unchanged when compared with the previous quarter at 1.07%.
Interestingly, Jhunjhunwala, who is reverred as Warren Buffet of India, has raised the stake during the December quarter to 4.02% in the company from 3.8% as of September quarter
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. His investments and portfolio are closely tracked by the market participants.
Titan Company Ltd reported tepid sales growth for the March quarter on Omicron-led lockdowns and adverse affect of consumer centiments. Jewellery business ended the volatile quarter on a flat note and business saw subdued activity in top cities due to the Omicron wave. The segment declined 4% year-on-year, with a net addition of 16 new stores.
Meanwhile, the watches and wearables segment grew 12% year-on-year and 34 new stores were added during the March quarter.
Titan said the segment saw good growth momentum amidst a challenging external environment with sales increasing across all offline channels on the back of Titan brand.
The eyecare division rose 5% over last year, led frames and sunglasses.
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