Shares of Titan Company Limited rose 10 per cent to hit an all-time high of Rs 2,361.45 on BSE after the Tata group company reported a strong recovery in demand in the July-September quarter. "The company witnessed strong recovery in demand after the second wave across its consumer businesses with sales moving swiftly above or close to pre-pandemic levels in most of the divisions," said Titan. The stock opened 3 per cent higher at Rs 2222.85 against the previous close of Rs 2146.80. After hitting a record high, it became the second Tata group firm to touch Rs 2 lakh crore market capitalisation. The large-cap stock has gained 88 per cent in one year and has risen 50 per cent since the beginning of this year. The shares stand higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. "Titan witnessed a strong recovery in demand in the last quarter across its consumer business. The jewellery segment, that gives around 80% revenue, showed a growth of 78% compared to last year. The other business segments, which include watches, wearables, and eyewear, saw a growth of 73% and 74% as compared to last year," Akhil Rathi, Vice President Advisory at Marwadi Shares and Finance Limited told BusinessToday.In. "We expect that the upcoming festival season will give a boost to the company's revenue which will be visible in the upcoming quarters. The gold prices are likely to be in range-bound which will increase consumer demand and will benefit Titan," he said. "Overall, it's a strong quarterly business update from Titan and we expect the company to outperform in the long term. Investors should hold the stock," he added. Ace investor Rakesh Jhunjhunwala pared his stake in the firm for the quarter ended June 2021. Jhunjhunwala decreased his stake in the gems and jewellery maker by 0.25 per cent. According to the shareholding pattern on BSE, Jhunjhunwala cut his stake in Titan to 3.72 percent in June 2021 from 3.97 percent in March 2021. However, his wife, Rekha Jhunjhunwala's stake remained unchanged at 1.09 percent. For the quarter-ended September 2020, Jhunjhunwala and his wife held a 5.5 per cent stake in the Titan Company. They reduced the stake to 5.3 percent in December 2020. They further reduced it to 5.1 per cent in March 2021. At the end of the June quarter, the couple's stake in Titan stood at 4.8 per cent. Yet, Titan remains the biggest holding in his portfolio. According to MarketsMojo, the company has a strong ability to service debt as the company has a low Debt to EBITDA ratio of 0.64 times and has high institutional holdings at 28.49 per cent. The technical trend has improved from Mildly Bullish on June 3, 2021, and has generated 39.27 per cent return since then. The stock is technically in a Bullish range and multiple factors for the stock are Bullish like MACD, KST, DOW and OBV. "The demand postponement triggered by the second wave of the pandemic in avenues like gift purchases, occasions, milestone buying, weddings, investments in gold, etc. witnessed a strong comeback in Q2. Both plain and studded segments grew in double digits, however, much stronger growth in the plain segment led to studded mix being below pre-pandemic levels," said Titan. The company posted a consolidated profit of Rs 18 crore for the June quarter compared to a net loss of Rs 297 crore in the corresponding period of the preceding fiscal.