Who makes a profit in bull Market – Rakesh Jhunjhunwala
When we start investing in the market, firstly we search about the person Who makes a profit in bull Market. The name is Rakesh Jhunjhunwala. Rakesh Jhunjhunwala made Rs. 618 crore in two days, helped by his favorite stock…
Titan, the Tata Group Company has been a major money-maker for India’s biggest individual investor – Rakesh Jhunjhunwala. An early investor of Titan, Rakesh Jhunjhunwala has reaped gains from the company for over 19 years.
Rakesh Jhunjhunwala’s love for Titan can be traced back to the times when the Benchmark S&P BSE Sensex hovered around 4,500 points. Currently, he along with his wife Rekha Jhunjhunwala holds 6.69 per cent of the total shares of the company. His individual stake stands at 5.21 per cent.
As Titan’s shares jumped more than 7 per cent on Tuesday, backed by a strong third-quarter performance, the shares of the company traded at Rs 1,278, On Wednesday the company gained 0.29 per cent. In the last two trading sessions, Rakesh Jhunjhunwala earned more than Rs 618 crore. Taking his total investment in the company up from Rs 6,900 crore to Rs 7,593 crore.
Titan posted a 12.9 per cent rise in profits backed by strong growth in the jewellery segment. Profit after tax for the third quarter stood at Rs 469.95 crore as compared to Rs 416.23 crore. According to the company Sales income during the third quarter grew by 9.4 per cent while sales income for the nine-month period ending December 2019 grew 8.2 per cent. The overall standalone income from operations in the third quarter stood at Rs 6,206 crore an increase from last year’s income of Rs 5,672 crore. Earnings before interest, taxes, depreciation, and amortization were up more than 25 per cent.
Titan’s management does see a slight slump going into the final quarter of the fiscal as gold prices jump and delay in consumption pickup. “The growth we saw during the festival period of October and November was very encouraging. The month of December 2019 witnessed a drop in footfall across all our retail formats compared to the previous two months and hence the sales were muted,” said C K Venkataraman, Managing Director, Titan.
Rakesh Jhunjhunwala had bought 16.2 lakh additional shares in Titan, during the third quarter after selling a part of his stake a few months prior to the purchase. Titan leads the market in the organized jewellery retailing and watches segments.
Titan ended the day’s trade at Rs 1,279 as Benchmark Indices rose for the 3rd day straight. Sensex gained 370 or 0.91 per cent, Nifty 50 jumped 110 points and ended the day at Rs 12,090.
