Rakesh Jhunjhunwala Portfolio After the announcement of reduction in customs duty on cut and polished diamonds in Budget 2022, the share price of Titan Company saw a sharp jump within an hour. Titan Company, one of Rakesh Jhunjhunwala’s holding companies, deals in gems and jewelery business and stock market experts are of the opinion that the Budget 2022 proposal is expected to give a boost to the company’s business.
After taking your intraday 2,358.95 per share on February 1 at around 1:15 pm, Titan Company shares participated strongly in the post-budget rally and closed at 2,436.05 per share level, 75.75 more than its previous day’s close. This post-budget rally in Titan Company’s share price helped Rakesh Jhunjhunwala’s net worth increase 342 crores.
Rakesh Jhunjhunwala’s stake in Titan Company
As per the shareholding pattern of Titan Company for the quarter October to December 2021, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala hold stake in the company. Rakesh Jhunjhunwala holds 3,57,10,395 shares of Titan Company, which is 4.02 percent of the total paid-up capital of the company. Similarly, Rekha Jhunjhunwala holds 95,40,575 shares or 1.07 per cent stake in Titan Company. Therefore, the Jhunjhunwals hold 4,52,50,970 company shares or 5.09 percent stake in this flagship company of the Tata group.
How Rakesh Jhunjhunwala earned 342 crore
As mentioned above that Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together have 4,52,50,970 shares of Titan Company, which increased 75.75 in the post-budget rally. So Jhunjhunwala earned 342 crore ( 75.75 x 45250970).
Titan Company share price: Experts see higher gains
Post-Budget proposal to reduce customs duty; The stock market experts have gained momentum regarding this portfolio stock of Rakesh Jhunjhunwala. He believes Titan Company shares may go up 2500 per share level in the short term whereas in the long term, it may go up 2820 levels.
Ravi Singhal, Vice Chairman, GCL Securities said, “After the announcement of reduction in customs duty on cut and polished diamonds and gems, Titan Company is expected to emerge as one of the major beneficiaries of this budget announcement.”
Advising situational investors to add this Rakesh Jhunjhunwala stock to their portfolio; Sumeet Bagadiya, Executive Director, Choice Broking said, “Titan Company shares are looking positive on the chart pattern. One can buy counter at the current levels and keep depositing till the upside. For immediate short term target of 2400 per share level 2500. However, stop loss must be maintained 2375 while in this position.”
Ravi Singhal, GCL Securities advises investors to keep counter for short to medium term saying, “One can keep this Rakesh Jhunjhunwala stock with a target of at least 6 months. 2820 per share level.”
The budget proposal that fueled Titan Company’s share price rally
In her Budget 2022 speech yesterday, Union Finance Minister Nirmala Sitharaman announced, “To give a boost to the gems and jewelery sector, the customs duty on cut and polished diamonds and gems is being reduced to 5 per cent. Viewed only Diamond will attract zero customs duty. Duty. To facilitate export of jewelery through e-commerce, a simplified regulatory framework will be implemented by June this year.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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