Rakesh Jhunjhunwala pares stake in Titan1 min read . Updated: 15 Apr 2019, 12:39 PM IST
- Rakesh Jhunjhunwala held 5.72% stake in the Titan as of March 31
- His wife Rekha Jhunjhunwala’s stake has risen marginally
Billionaire investor Rakesh Jhunjhunwala has pared stake in Titan Co Ltd, one of his favourite stocks, according the shareholding details submitted by the company to the BSE. Jhunjhunwala held 5.72% stake in the Tata group company as of March 31, down from 5.78% as of end of December. His wife Rekha Jhunjhunwala’s stake has risen marginally to 1.32% during the same period.
Titan is a tad away from being a company with a trillion-rupee market capitalization. As of 11:42 an IST, shares of the jewellery-retailing company traded at ₹1,094 on the BSE, giving it a market cap of ₹97,150 crore.
According to the company’s January-March pre-result update, Titan is aiming a 20% revenue growth in fiscal 2019-20 (April-March).
The company achieved overall sales growth of 21% in FY19. Jewellery sales grew by 22% after increasing by 25% in FY18, thereby exceeding the originally envisaged 20% five-year sales CAGR target for the second consecutive year.
Moreover, management’s confidence in further 20% overall sales growth in FY20—despite a muted economic outlook—is “heartening," brokerage Motilal Oswal said last week.
In October-December quarter, Titan reported a net profit of ₹416 crore, with revenue at ₹5,672 crore. The company will detail its January-March results on May 8.