This share of the Tata group becomes ex-dividend today; Check details
Portfolio of Rakesh Jhunjhunwala: Tata Group Stock Titan Company Limited, popularly known as Rakesh Jhunjhunwala’s favorite stock, is set to go ex-dividend on Friday. The company notified the stock exchanges stating that “the Board of Directors has recommended a dividend of Rs 7.50 per capital share of Rs 1 each of the company which will be paid/dispatched on or after the seventh day of the conclusion of the 38th Annual General Meeting, subject to approval by the Company’s shareholders, The Company has set July 11 as the record date and, therefore, the share will become ex-dividend today.
Rakesh Jhunjhunwala’s stake in Titan Company
The Big Bull owns nearly 3,57,10,395 shares of Titan Company, or 4.02% of the company’s total issued and paid-up capital. Meanwhile, his wife Rekha Jhunjhunwala owns 95,40,575 shares in Titan company or 1.07% of the capital.
Jhunjhunwala made more than Rs 600 crore in intraday gains on Titan Company on Thursday as a trade update from the Tata Group company, its biggest stock bet, received approval from Dalal analysts and investors Street.
Within minutes of trading, Titan shares were trading up 6.86% at Rs 2,151.60 apiece. The company ordered an m-cap of just over Rs 1.91 lakh crore compared to an m-cap of Rs 1.79 lakh crore in the previous session.
Titan Q1 Update
Titan said its jewelry segment saw 207% year-on-year revenue growth (excluding bullion sales) on a weak base, driven by strong demand from Akshaya Tritiya in May. Titan added a total of 19 new stores: six Tanishq stores, 12 Mia stores in India and a new Tanishq store in Dubai.
The watch division recorded 158% year-on-year growth, driven by growth across all brands and products. The eyewear division recorded 176% year-on-year sales growth, driven by Titan Eye Plus and commercial and distribution channels.
What are the analysts saying?
Titan’s FY23 first-quarter business update suggests a strong 3-year consolidated revenue CAGR of 22%, Emkay Global said.
“In our view, a good first quarter should lead to an upgrade in consensus estimates. However, we do not see material changes in our estimates given the short-term volatilities due to a recent increase in tariffs and to higher inflation. We currently have a ‘Buy’ rating on Titan with a target of Rs 2,530,” Emkay Global said.
Motilal Oswal said Titan remained its top pick in the large-cap consumer space, with strong earnings growth visibility and 20% growth over an extended period.
“In the jewelry industry, which is organizing at a rapid pace, Titan is clearly at the forefront among organized players to lead this growth,” said Motilal Oswal.
“Its growth track is long, with a market share of 6%. Unlike other high-growth categories, the competitive intensity of organized and unorganized peers in the jewelry industry is significantly lower.
The views and investment advice of the experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before making any investment decision.
Read all the latest news, breaking news, watch the best videos and live TV here.