Rakesh Jhunjhunwala's favourite stock hits all-time high after jewellery business re-enters growth phase in Q3

Ace investor Rakesh Jhunjhunwala's favourite  stock Titan Company hit a fresh all-time high in early trade today after the firm announced its business updates for Q3. The watch-to-jewellery maker said it jewellery business has crossed the recovery path and entered the growth phase. As per the latest shareholding pattern, big bull Rakesh Jhunjhunwala and wife Rekha Jhunjhunwala together hold 5.52 per cent shares in the Titan Company. While Rakesh owns 4.43 per cent shares in gems and jewellery maker, Rekha holds 1.09 per cent in the company. 

The large cap stock touched an intraday high of Rs 1620.95, rising 3.33% against previous close of Rs 1,568.75 on BSE. The stock has gained 2.47% in the last 2 days.

Titan share has surged 125.13 per cent from its 52-week low of Rs 720 hit on March 24, 2020.

Titan Company share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 36.3% in one year and risen 0.72% since the beginning of this year.

"The Jewellery division has crossed the recovery phase to growth phase and other two large divisions have also moved much closer to the full recovery," Titan Company said.

The jewellery industry saw a resurgence in the festive season along with a pent-up demand for wedding jewellery as most of the weddings in H1'21 were deferred, it added.

Share Market Live News: Sensex, Nifty trade tad lower; Bajaj Finserv, Asian Paints, HDFC twins top losers

"The quarter also witnessed a well-rounded recovery with improvement in walk-ins and pick-up of sale in metros, sub 1-lakh category and studded segment. The studded mix in Q3 improved though still lower than levels seen in the previous year," the company said.

The division continued to see a significantly higher share of gold coin sales and very good growth in wedding jewellery sales. Ticket size continues to be higher due to higher gold rates and higher share of wedding-related products but 100 percent recovery in buyers (number of invoices) is yet to be seen, it added.

Stocks in news: HDFC, HDFC Bank, RIL, Bajaj Finance, Hero MotoCorp, Godrej Consumer