By Malvika Gurung
Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala increased their stakes in the Indian luxury products company, Titan (NS:) Company, by 0.22% in the December-ending quarter.
At the end of September 2021, the Big Bull held a 3.8% stake in Titan, or 3.37 crore equity shares of the company, and by the end of Q3 FY22, he increased his stake in the company to 4.02% or 3.57 crore shares. In addition, his wife maintained her holding in the company at 1.07% or 95.4 lakh shares.
As a result, Jhunjhunwala’s cumulative shareholding in Titan Company at the end of Dec 31, 2021, has risen to 5.09% from 4.87% earlier.
Shares of the watches-to-jewellery maker were trading 0.73% lower at Rs 2,600 apiece at 9:50 am on Friday, and are among the biggest stocks in Rakesh Jhunjhunwala’s portfolio, valued at about Rs 11,850 crore.
The company’s business results for the quarter-ending Dec came in strong, amid a healthy demand growth, as the Tata Group’s brand posted a 36% revenue growth across its consumer businesses in the three months.
Its jewellery business posted a 37% growth YoY, while the watches and wearables segment grew 28%, and the eyewear division advanced 27%.