Wife of late investor Rakesh Jhunjhunwala Rekha Jhunjhunwala lost over ₹800 crore in notional value owing to her investments in Titan Company. The stock of Titan fell more than 5 per cent today (May 36) after the firm reported Q4 results.
Rekha Jhunjhunwala’s stake in Titan
Rekha Jhunjhunwala holds 5.35 per cent stake in the Tata group firm as on March 31, 2024 which was worth ₹16,792 crore at Titan’s closing price on Friday.
Unlock exclusive access to the latest news on India’s general elections, only on the HT App. Download Now! Download Now!
Read more: Warren Buffett thinks AI is a nuclear weapons ‘genie’ that can’t go back in bottle: ‘Makes me nervous’
In trade today, Titan’s market-capitalisation fell below the ₹3 lakh crore-mark to ₹2,98,815 crore from ₹3,13,868 crore on Friday. Owing to this Rekha Jhunjhunwala’s notional investment value is now at ₹15,986 crore, down ₹805 crore.
Titan share price performance today
Read more: Tata Tech share price plunge 5% on muted Q4 results: Details
Titan shares fell to hit a low of ₹3,352.25 on BSE 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. The company noted that revenue for the quarter was up 17 per cent at ₹10,047 crore.
Read more: Ola’s Bhavish Aggarwal on gender pronouns: ‘Illness’, hope it doesn’t reach India
Antique Stock Broking said volatility in gold prices and heighten competitive intensity will impact Titan’s margins in the near term.
“Post the 4QFY24 performance and factoring near term margin headwinds in the jewelry business, we have cut our EPS estimates by 8 per cent in FY25 and 2 per cent in FY26. 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,” it said.
Discover the pivotal moments that shaped India’s electoral journey on the Eras section of our exclusive Elections product. Access all content absolutely free on the HT App. Download now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
- ABOUT THE AUTHOR
Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.
