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.
This article was first published on livemint.com