Rs 850 crore in 10 minutes: Jhunjhunwalas earned on this stock today

Rakesh Jhunjhunwala

Rakesh Jhunjhunwala

Titan Company, the market's biggest bet for investor Rakesh Jhunjhunwala, increased its market cap to $ 17.770 billion in 10 minutes of trading on Thursday. Shares of Titan hit a record high of Rs 2,347 against BSE on Thursday morning, up 9.32%. As a result, the jewellery maker's market capitalisation increased by 17.770 billion rupees in a matter of minutes.Jhunjhunwala and his other relative, Rekha, jointly owned 4.81% of the shares of Tata Group, and the value of their shares increased by 854 billion rupees.Titan ordered an intraday M cap of Rs 2.08,350 crore, with Jhunjhunwala's stake in the Titan group company worth over Rs 10,000 crore!

The jewelry maker's activity update for the September quarter showed that most segments have returned to pre-Covid levels, raising hopes for a strong Christmas season.The jewelry industry saw strong growth of 78% year-over-year, with the Tata group company adding 13 stores to bring the number of stores to 414 in the quarter, Titan told Wednesday. during the secondary market period of the quarter.

The eyewear segment grew strongly by 74%, while the watch and wearable segment grew by 74%. Other companies saw 121% growth, Titan said in a BSE filingThe company has seen increased demand at its consumer stores after the second wave of Covid-19, with sales at most of its stores quickly exceeding or approaching pre-pandemic levels, Titan said.

"Most stores are now fully operational barring a few in select towns that still have localised restrictions, with the overall store operation days exceeding 90 per cent this past quarter. Apart from its thrust on digital and omni channels, the company also accelerated its retail network expansion during the quarter," the jewellery maker said.

Emkay, who had a target price of Rs 2,000 per share (lower than the current price), increased his target price on Titan to Rs 2,530, with the share valued at 65 times EPS in September FY23, up from 55 times higher. early. The goal is a possible increase of 18%.

"Titan’s Q2 business update highlights a robust recovery and a strong performance across divisions, with the jewelry division reporting a two-year CAGR growth of 32 per cent. Network expansion was also accelerated during the quarter. Full unlocking and the forthcoming festive/wedding season are likely to further boost revenues in the coming quarters and may offer more upsides, in our view," it said while upping its FY23 and FY24 EPS estimates by 8-12 per cent.

Motilal said the growth in sales of titanium jewelry has been exceptional."Even on a two-year basis, it has delivered a 32 per cent sales growth CAGR, which is phenomenal. This performance was driven by stable gold prices over the past few months, pent-up demand, continued tailwinds in favor of organised players, robust consumer sentiment, and advanced wedding purchases," it said.

Motilal said the stability of the price of gold at around 47,000 rupees per 10 grams, 15% lower than the record highs of 55,000 to 56,000 rupees in August 2020, bodes well for consumer demand at short term.In the face of consumer optimism, party demand is expected to remain robust, he said, but the margin is expected to be affected in the September quarter by the weaker contribution from studded jewelry. The brokerage has a target of Rs 2,460 on the stock.

JP Morgan is "neutral" on the title with a target of 2320 rupees. He said strong sales in the second quarter would lead to BPA upgrades. The jewellery business grew faster than expected while the watch segment almost returned to pre-Covid levels, he said

Sources:- Economic times

More

SPORTS

IPL 2021 Final

IPL 2021 Finals, to be played between CSK and KKR, know the venue, predicted XI, and weather

The 2021 IPL Finals will see MS Dhoni’s Chennai Super Kings and Eoin Morgan Kolkata Knight Riders in the power-packed, high octane grand finale...

T20 World Cup

Indians to face Australians in warm up matches of the T20 World Cup

India is going to take along England and Australia during the two warm up games, and will be further gearing up for the upcoming T20 World Cup matches...

States & UTs

Delhi Government

NCPCR Sends Notice to Delhi Government

The National Commission for Protection of Child Rights (NCPCR|) has pulled up the Delhi authorities over a promotional video. A criticism on this rega...

Singhu protest

At Singhu protest site, dead man with wrist cut off found tied to barricade

The frame of an unidentified guy with one in every of his wrists chopped off turned into discovered close to the farmers’ protest web website on...

POLITICS

PM Modi

The center's 7 new defense companies will become one giant military base: PM Modi

Prime Minister Narendra Modi on Thursday launched seven new companies that will enter the defense se...

Akhilesh Yadav (Samjwadi Vijay Yatra)

Akhilesh Yadav Sounds Like A Bugle For Polls In Uttar Pradesh, Launches "Samjwadi Vijay Yatra" Across The Country

Samajwadi Party spokesman Rajendra Chaudhary said that after exiting Ganga Bridge, the yatra will ta...

ENTERTAINMENT

Aryan Khan,Gauri Khan & SRK

Aryan Khan had video call with Gauri Khan & SRK and received money order of Rs4500

Aryan Khan received a money  order for Rs 4,500 to order food and other items from the Arthur R...

Nora Fatehi

Nora Fatehi Summoned By ED in Money Laundering Case

Actress-dancer Nora Fatehi has been summoned through the Enforcement Directorate (ED) for...

About

The Live Newz is an independent, budding and online news portal that came into existence recently. Our mission is to create and deliver the finest news for the readers. We act as a cutting-edge platform that provides the users with every update on recent happenings. We aspire to be true to the journalistic values and maintain the standard of its excellence by presenting the truth to the readers.