Brokerage firms are bullish on Rakesh Jhunjhunwala Portfolio stock – Titan Company.
New Delhi: Rakesh Jhunjhunwala Portfolio stocks are closely followed by stock market participants, as investments made by the ace investor had made impressive gains in the past few years.
One such stock that has remained in Rakesh Jhunjhunwala Portfolio is Titan Company Ltd. According to most global brokerage firms, the stock’s price could soon increase in the coming weeks after the company posted impressive returns in the quarter ending December 2021.
According to Titan Company’s shareholding pattern for the December quarter, Rakesh Jhunjhunwala owned more than a 5 per cent stake in the Tata Group firm. Jhunjhunwala owned 3,57,10,395 shares or a 4.02 per cent stake in the quarter ended December 2021. On the other hand, his wife, Rekha Jhunjhunwala, held 95,40,575 shares or a 1.07 per cent stake in the firm.
Titan Company, which sells jewellery and watches, had reported a 91 per cent jump in consolidated net profit at Rs 1,012 crore for the quarter ended December 2021. The strong sales were driven by strong demand across its consumer businesses. Titan’s consolidated net profit had stood at Rs 530 crore in the same period last fiscal.
Brokerages bullish on Titan
According to global investment bank Macquarie, the Titan stock price could increase to Rs 3350, an upside of about 30%. The bank has an ‘Overweight’ rating on the stock. Meanwhile, HSBC has also maintained a ‘buy’ rating on Titan Company, with a target price of Rs 3050, an upside of over 23%.
Also, Jefferies has maintained a ‘hold’ rating but raised its target price to Rs 2600 from Rs 2300 earlier, expecting an upside of nearly 5% from Rs 2479 recorded on 3 February. Meanwhile, Morgan Stanley has revised the target price to Rs 2720, an upside of nearly 10 per cent from Rs 2479 recorded on 3 February.
