₹3,401 per share, hitting a new record of all-time high on BSE on Tuesday’s trading session. The market capitalization of Titan company also crossed ₹3 lakh crore mark on November 21. Titan shares have consistently contributed ₹1 lakh crore to its market capitalization every two years.
The Titan stock surged amid rising gold imports that surged to the highest in 31 months. According to a Reuters report, with gold prices easing before the festivities due to a drop in US bond yields, there was a 60% year-on-year (YoY) surge in the demand for gold by jewelers. Titan stock has also nearly gained over 30% so far this year.
On March 28, 2019, it achieved a market capitalization of ₹1 lakh crore. Subsequently, within the next 18 months, it doubled its market value, reaching ₹2 lakh crore and surpassing that milestone on October 7, 2021. The Tata Group’s company has achieved ₹3 lakh crore market capitalization almost after a two year gap.
Following today's development, Titan is now ranked as 18th among India's most valued companies. Additionally, it stands as the second-highest valued company within the Tata Group portfolio. Titan holds a prominent position in the extensive portfolio of the recently deceased investor, Rakesh Jhunjhunwala, who maintained a stake in the company for the past two decades.
Jhunjhunwala's initial investment in Titan was when the stock was valued between ₹20 and ₹40, and he remained a steadfast shareholder throughout this period. As per the shareholding pattern for the September quarter, the ownership of late Rakesh Jhunjhunwala in Titan, now under the name of his wife Rekha, amounts to 5.37%. Based on the current market price, this stake is valued at well over ₹16,000 crore.Read more on livemint.com