Rekha Jhunjhunwala buys over 6,00,000 more shares of this Tata Group stock in Q1

economictimes.indiatimes.com:

Titan Company in the June quarter, thereby increasing bets on one of the oldest investments of late Rakesh Junhjhunwala in the consumer discretionary space. As of June end, Jhunjhunwala held a 5.36% stake in the Tata Group company, compared to 5.29% a quarter ago. In the June quarter, Titan was among the best-performing stocks in the Nifty50 pack, gaining more than 21%.

Earlier this month, the stock hit a lifetime high of Rs 3,210. On a year-to-date basis, Titan has gained more than 15%, outperforming Nifty50, which has risen about 9%. Even foreign portfolio investors (FPIs) have increased their bet on the jewellery maker in the last quarter.

FPIs in category — I have raised their holdings to 17.79% as of June end from 16.86% a quarter ago. Meanwhile, domestic mutual funds and Life Insurance Corporation of India marginally reduced their holding in the company. As of June end, MFs held a 5.52% stake in Titan, compared to 5.78% a quarter ago.

LIC’s stake came down to 1.77% from 2.09% QoQ. The jewellery maker has seen consistent growth in earnings which has supported gains in the stock. In the provisional update for Q1, Titan said it has registered a 20% year-on-year (YoY) revenue growth, with all the key consumer businesses witnessing double-digit growth in the quarter.

The mainstay jewellery segment saw a 21% YoY growth in the quarter gone by. The watches and wearables division clocked a 13% growth, while the EyeCare division saw sales growth of 10%. The company will be releasing its earnings for the June quarter on August 2.