Stock Market

Jhunjhunwala offloaded 49 lakh shares in Titan in Q2; stock flat

   Download Android App    Share in      FullScreen   CheckVideos

Ace investor Rakesh Jhunjhunwala sold 49 lakh shares of watch and jewellery retailer Titan Company in September quarter. A regulatory filing on Friday showed Jhunjhunwala’s stake in the company fell to 6.51 per cent, or 5,77,51,220 shares, at the end of September, from 7.05 per cent, or 6,26,51,220 shares, at the end of June quarter. The stock traded flat at Rs 1,233 on Friday. The data showed shareholding in the name of Rakesh Radhesham Jhunjhunwala declined to 5.10 per cent in September quarter from 5.75 per cent in the preceding quarter ended June 2019.

However, his wife Rekha Rakesh Jhunjhunwala’s stake increased to 1.40 per cent from 1.30 during the same period. On a year-to-date basis, Titan’s share price has rallied 33 per cent to Rs 1,235 as of October 10 from Rs 927.60 on January 1. Titan earlier this week said its revenue from jewellery business declined 2 per cent in September quarter despite a 7 per cent growth in retail sales. “Retail sales (secondary sales) grew 7 per cent in Q2 FY20 but revenues as per financials declined substantially by 2 per cent year-on-year in Q2FY20 due to the adverse impact of the hedges that matured during the quarter,” the company said in a BSE filing on Monday. The jewellery business saw a sharp drop in sales from mid-June on the back of a surge in gold prices.

The trend continued in July and resulted in considerable de-growth in sales during the month, it said. The company saw 15 per cent year-on-year retail growth between August and September compared with the same period of 2018-19. Edelweiss Financial Securities in a report said it expects second quarter to be 'soft' for Titan with an year-on-year growth of about 6.9 per cent.




Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021

Buy Our Merchandise (Peace Series)

 

Contribute US to Start Broadcasting


It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm

STRIPE

Details
Category: Stock Market


21