Thursday, June 3, 2021
Shares of Titan Company gained 7 percent after hitting a record high of Rs 1702 on the BSE in intra-day trade on Thursday amid the expectation of a strong recovery, due to pent-up demand and market share gains. Rakesh Jhunjhunwala’s favorite stock surpassed its previous high of Rs 1,620.95, touched on January 6 this year, and was the top Sensex gainer on Thursday. Titan Company’s market capitalization now stands close to Rs 1.5 lakh crore. Analysts believe that this stock may rally 7 percent more from current levels to Rs 1,800 in the next few days.
Rising gold prices are also seen as a positive factor for Titan shares as consumers buy jewelry in anticipation that gold prices may continue to rise in the days to come.
On April 29, Titan reported robust sales growth of 61 percent year-on-year (YoY) in the January-March quarter (Q4FY21) but the operating performance was below Street estimates on lower Ebitda margins due to a steep fall in gross margin.
