NEW DELHI :
Ace investor Rakesh Jhunjhunwala bought an additional 16.2 lakh shares in Titan Company Limited in the October-December quarter.
As per the shareholding pattern for the quarter ending 31 December, Rakesh Jhunjhunwala held over 4.67 crore shares in Titan, while his wife Rekha Jhunjhunwala held 1.26 crore shares.
At 1208 pm, shares of Titan Company traded 0.45% higher at ₹1164.50.
Titan is the market leader in the organized jewellery retailing and watches segments. Between fiscals 2016 and 2019, revenues at Titan grew at a compounded annual growth rate (CAGR) of 21%.
The company’s revenue from its jewellery business for the quarter ended 31 December grew 11% sequentially, with retail growth higher at 15% (the base quarter, Q3'19, had a large institutional order for gold coins of about ₹200 crore). The growth from watches and wearable division of the company for the fiscal third quarter was flat year-on-year.
According to Crisil, over the last two years, Titan has increased its pace of store additions in jewellery segment to 40-50 stores per annum from 10-20 stores, and the same is expected to continue over the medium term. This coupled with its already strong store network of 308 Tanishq, 34 Mia and 71 CaratLane stores as on September 30, 2019, will further augment company's market position in India.
In December, Crisil upgraded its rating on the long-term bank facility of Titan to AAA stable from AA positive, and reaffirmed the rating on short-term bank facility and commercial paper programme at A1 positive.