Titan Company share held by ace investor Rakesh Jhunjhunwala has gained over 38% from its 52-week low hit on March 24 this year. Jhunjhunwala and wife Rekha Jhunjhunwala held 5.53 per cent stake in stock of gems and jewellery maker Titan Company for the quarter ended March 2020.
Share price of Titan Company hit intra day high of Rs 995 on Friday (June 5) compared to its 52-week low of Rs 720 translating into 38.19% return during the period. The share price rose after investors indulged in value buying in the stock of industry leader. Easing of lockdown restrictions has also helped the stock to recover some lost ground.
The firm will announce its Q4 earnings on Monday which will disclose the exact impact of the coronavirus lockdown on its business and stock.
On Friday, the stock closed 2.02% or 19 points higher at Rs 991.05 compared to the previous close of Rs 971.45 on BSE. The share gained 2.42% intra day to Rs 995 on BSE. The large cap stock trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. Share price of Titan Company has gained 11.71% in the last one month.
Jhunjhunwala lost Rs 249 crore with this stock in a month
The stock is down 16.55% since the beginning of this year and fallen 20.87% during last one year.
The business of the gems and jewellery maker was also hit by the coronavirus lockdown. In last week of May, the firm said it clocked nearly zero sales during the last two months of lockdown.
"In last 2 months, the company's operating cash flow was negative due to virtually zero sales during the first 6 weeks of lockdown, increase in mark-to-market cash outflow on gold hedge due to rising gold prices and committed costs being incurred. PM Modi announced countrywide lockdown on March 24 to contain the rising number of coronavirus cases."
The firm said it was working out its strategy to manage the crisis situation amid the coronavirus lockdown with particular focus on ensuring adequate liquidity.
Rakesh Jhunjhunwala bets on India story despite being 'frustrated'; here's why