The Indian stock market has witnessed intense volatility in the past four sessions. Not even quality stocks remained immune to the ups and downs of the market- one of which is Titan Company. The Tata Group stock, which has investments from the Life Insurance Corporation (LIC) of India and late ace investor Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala, experienced a correction of almost ₹497 per share in just one month. This resulted in a loss of over ₹2300 crore in Rekha Jhunjhunwala’s net worth and a drop of over ₹772 crore in LIC’s net worth.
Rekha Jhunjhunwala holds 5.35 per cent stake in Titan Company as on March 31, 2024. Titan shares fell after the company reported a 7 per cent rise in standalone net profit at ₹786 crore in Q4 from ₹734 crore in the same quarter last year. Revenue for the quarter was up 17 per cent at ₹10,047 crore and volatility in gold prices and heighten competitive intensity may impact Titan even more, analysts have said.
Antique Stock Broking said, “We remain optimistic about Titan’s long term performance driven by the market share gain in the jewelry business on account of strong brand name and execution, scaling up, and improving profitability of other brands.”
Titan share price has fallen from ₹3749 to ₹3252 apiece on NSE and witnessed a drop of ₹497 per share in just one week. LIC owns 1,57,73,161 Titan shares- 1.78 per cent of the total paid-up capital of company. Owing to a decline in Titan shares, the net erosion in LIC’s net worth is almost around ₹ ₹784 crore.
This post is auto-grabbed with the software. The copyright belongs to Source link
