Wednesday, 2 February 2022

Rakesh Jhunjhunwala earns ₹342 crore from this Tata stock in budget Day

 Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together own 4,52,50,970 Titan Company shares or 5.09 per cent stake in this Tata Group flagship company. Photo: PMO twitter

  • Rakesh Jhunjhunwala portfolio: After making its intraday low of 2,358.95 per shares at around 1:15 PM on 1st February, Titan Company shares participated strongly in the post-budget rally and closed 75.75 higher from its previous day close
  • Rakesh Jhunjhunwala portfolio: After announcement of reduction in customs duty on cut and polished diamond in Budget 2022, Titan Company share price started showcasing sharp upside movement within an hour. Titan Company, one of the Rakesh Jhunjhunwala holding companies, deals in gems and jewelry business and stock market experts are of the opinion that Budget 2022 proposal is expected to boost business of the company.

    After making its intraday low of 2,358.95 per shares at around 1:15 PM on 1st February, Titan Company shares participated strongly in the post-budget rally and closed at 2,436.05 per share levels, 75.75 higher from its previous day close. This post-budget rally in Titan Company share price helped Rakesh Jhunjhunwala's net worth grow around 342 crore.

    Rakesh Jhunjhunwala shareholding in Titan Company

    According to Titan Company shareholding pattern for October to December 2021 quarter, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have shareholding in the company. Rakesh Jhunjhunwala owns 3,57,10,395 Titan Company shares, which is 4.02 per cent of total issued paid-up capital of the company. Similarly, Rekha Jhunjhunwala holds 95,40,575 Titan Company shares or 1.07 per cent stake in the company. So, Jhunjhunwalas together own 4,52,50,970 company shares or 5.09 per cent stake in this Tata Group flagship company.

    How Rakesh Jhunjhunwala earned 342 crore

    As mentioned above Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together own 4,52,50,970 Titan Company shares that shot up 75.75 in post-budget rally. So, Jhunjhunwala earned around 342 crore ( 75.75 x 45250970).

    Titan Company share price: Experts see more gain

    After the budget proposal to reduce custom duty; stock market experts have gone bullish on this Rakesh Jhunjhunwala portfolio stock. They are of the opinion that Titan Company shares may go up to 2500 per share levels in short term whereas in long-term, it may go up to 2820 levels.

     

    Ravi Singhal, Vice Chairman at GCL Securities said, "After the announcement of reduction in customs duty on cut and polished diamonds and gemstones, Titan Company is expected to emerge as one of the major beneficiaries of this budget announcement."

    Advising positional investors to add this Rakesh Jhunjhunwala stock in one's portfolio; Sumeet Bagadia, Executive Director at Choice Broking said, "Titan Company shares are looking positive on chart pattern. One can buy the counter at current levels and keep on accumulating till it is above 2400 per share levels for immediate short term target of 2500. However, one must maintain stop loss at 2375 while taking this position."

    Advising investors to hold the counter for short to medium term, Ravi Singhal of GCL Securities said, "One can hold this Rakesh Jhunjhunwala stock for at least 6 months target of 2820 per share levels."

    Budget proposal that fueled Titan Company share price rally

    In her Budget 2022 speech yesterday, Union Finance Minister Nirmala Sitharaman announced, "To give a boost to the Gems and Jewellery sector, Customs duty on cut and polished diamonds and gemstones is being reduced to 5 per cent. Simply sawn diamond would attract nil customs duty. To facilitate export of jewelry through e-commerce, a simplified regulatory framework shall be implemented by June this year."

    Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Eadygo.com.

     

     

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