Rakesh Jhunjhunwala cuts stake in his Rs 7,000 crore bet in Q4
Rakesh Jhunjhunwala sold Rs 344 crore worth of Titan shares during the January-March period.
By Shubham Raj, ETMarkets.com | Updated:
ETMarkets.com
NEW DELHI: Ace investor Rakesh Jhunjhunwala cut stake in watch and jewellery maker Titan Company during March quarter in a signal that the stock may not have much upside left for the near term given the difficult business environment.
The ace investor cut his holding in the company to 3.97 per cent at March end from 4.21 per cent in December. Rekha Rakesh Jhunjhunwala, his wife, continues to hold 1.09 per cent.
As per the last closing price, Jhunjhunwala sold Rs 344 crore worth of Titan shares during the January-March period. The couple now holds about Rs 6,900 crore worth of shares of the company. Titan still remains his biggest holding at Rs 7,000 crore.
Foreign portfolio investors also cut their stake in the company. They now hold 18.10 per cent stake against 18.59 per cent at the end of the previous quarter.
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Analysts are expecting the company to report 100 per cent growth in Q4 profit, albeit on a depressed base. However, late development on the Covid front has cast doubts over the company's ability to maintain a rapid growth momentum, as fast spread of infections can impact sales.
Not everyone has a bearish view on the stock. LIC, the largest domestic institutional investor, increased stake in the company to 3.91 per cent from 3.59 per cent during the quarter. Overall, insurance companies now hold 6.14 per cent against 5.92 per cent at the end of December.
As of 10.30 am, shares of Titan Company traded 0.6 per cent lower at Rs 1,521 on BSE.
The ace investor cut his holding in the company to 3.97 per cent at March end from 4.21 per cent in December. Rekha Rakesh Jhunjhunwala, his wife, continues to hold 1.09 per cent.
As per the last closing price, Jhunjhunwala sold Rs 344 crore worth of Titan shares during the January-March period. The couple now holds about Rs 6,900 crore worth of shares of the company. Titan still remains his biggest holding at Rs 7,000 crore.
Foreign portfolio investors also cut their stake in the company. They now hold 18.10 per cent stake against 18.59 per cent at the end of the previous quarter.
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</script>
Analysts are expecting the company to report 100 per cent growth in Q4 profit, albeit on a depressed base. However, late development on the Covid front has cast doubts over the company's ability to maintain a rapid growth momentum, as fast spread of infections can impact sales.
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Not everyone has a bearish view on the stock. LIC, the largest domestic institutional investor, increased stake in the company to 3.91 per cent from 3.59 per cent during the quarter. Overall, insurance companies now hold 6.14 per cent against 5.92 per cent at the end of December.
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As of 10.30 am, shares of Titan Company traded 0.6 per cent lower at Rs 1,521 on BSE.
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