This stock owned by Rakesh Jhunjhunwala gained almost 5% in weak market

Rakesh Jhunjhunwala's favourite stock Titan was trading as the top gainer rising up to 5% in an otherwise weak market on Monday.

Titan stock touched an intraday high of Rs 1,094.7, rising 4.93% against the last closing price of Rs 1,043.25 on BSE. Titan stock price has risen 4.98% in the last 3 days.

Titan company share price is trading higher than 5, 20, 50, 100 and 200-day moving averages. Stock price of Titan has risen 4.3% in one week, 8.2 % in one month and 2% in one year.

Market capitalisation of the firm stood at Rs 96,426 crore as of today's session. Ace investor Rakesh Jhunjhunwala has been an investor in the company since 2002-2003.

As per the exchange data, he held 3,93,10,395 shares of the company in April-June quarter. His wife Rekha Jhunjhunwala too held a significant stake of 97,40,575 shares in last quarter.

In another update, brokerage house Motilal Oswal said in its recent report that Titan's opportunity remains significant in difficult times. The brokerage has given a buy rating to the jewellery company with a target price of Rs 1215, primarily due to the temporary impact of the pandemic in FY21, of which the rebound would be sharp.

The company plans to announce its April-June quarter earnings on August 11, 2020. Earlier the company said its jewellery business in June reached 70% of the year-ago level and was slightly below 20% in May as compared to the year-ago level. It added that 83% of its stores across all businesses were now operational.

In Q3, the company reported a 13% YoY rise in its profit of Rs 469.95 crore for the December quarter, on back of good festival sales as against Rs 416.23 crore profit in the same period last year. Net sales for the December quarter gained 8.40% to Rs 6,105.96 crore as against Rs 5,632.45 crore in the same quarter last year.

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