Rakesh Jhunjhunwala portfolio stock, Titan Company, closed at Rs 2,436.05 on Tuesday.
New Delhi: Rakesh Jhunjhunwala portfolio stock, Titan Company, provided stellar returns to investors on the back of the Budget 2022 announcements. The stock of the Tata Group company made a sharp upside movement within hours of the Budget 2022 presentation on Tuesday, February 1, 2022.
Jhunjhunwala, who is often called the bill bull of the stock market, is known for making investments that have provided fantastic returns to investors. He has made a fortune by investing in the Titan Company in the early 2000s.
The stock had marked its intraday low of Rs 2,358.95 on Feb 1 at about 1:15 PM. However, Titan Company shares soon rallied to close at Rs 2,436.05 apiece, roughly about Rs 75.75 higher than January 31’s closing price.
In a span of a few hours, Rakesh Jhunjhunwala’s personal wealth grew by about Rs 342 crore, courtesy of the post-budget rally in Titan Company share price, according to a report by Mint.
Rakesh Jhunjhunwala Ownership in Titan Company
Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala own a stake in Titan Company. According to the company’s shareholding pattern for the quarter ended December 2021, Jhunjhunwala owned 3,57,10,395 shares or 4.02 per cent stake while Rekha owned 95,40,575 shares or a 1.07 per cent stake in the firm.
Why Titan Company stock rally post-budget?
For the unversed, Titan Company, a Tata Group firm, is in the business of jewellery, gems and watches. The company’s stock price is expected to increase further in line with the Budget 2022 decisions aimed at boosting the country’s economy.
Finance Minister Nirmala Sitharaman had announced in her Budget 2022 speech that the customs duty on cut and polished diamonds and gemstones is being reduced to 5 per cent
The move is expected to provide a boost to the Gems and Jewellery sector. With Titan being a major player in the sector, market participants flocked to buy the stock, pushing the share price uphill
