REKHA JHUNJHUNWALA LOSES 800 CRORE TODAY: WHAT HAPPENED IN THE STOCK MARKET
Wife of late investor Rakesh Jhunjhunwala Rekha Jhunjhunwala lost over ₹800 crore in notional value owing to her investments in Titan Company. The stock of Titan fell more than 5 per cent today (May 36) after the firm reported Q4 results.
Rekha Jhunjhunwala's stake in Titan
Rekha Jhunjhunwala holds 5.35 per cent stake in the Tata group firm as on March 31, 2024 which was worth ₹16,792 crore at Titan's closing price on Friday.
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In trade today, Titan's market-capitalisation fell below the ₹3 lakh crore-mark to ₹2,98,815 crore from ₹3,13,868 crore on Friday. Owing to this Rekha Jhunjhunwala's notional investment value is now at ₹15,986 crore, down ₹805 crore.
Titan share price performance today
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Titan shares fell to hit a low of ₹3,352.25 on BSE after the company reported a 7 per cent rise in standalone net profit at ₹786 crore in Q4 from ₹734 crore in the same quarter last year. The company noted that revenue for the quarter was up 17 per cent at ₹10,047 crore.
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Antique Stock Broking said volatility in gold prices and heighten competitive intensity will impact Titan's margins in the near term.
"Post the 4QFY24 performance and factoring near term margin headwinds in the jewelry business, we have cut our EPS estimates by 8 per cent in FY25 and 2 per cent in FY26. We remain optimistic about Titan's long term performance driven by the market share gain in the jewelry business on account of strong brand name and execution, scaling up, and improving profitability of other brands," it said.
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2024-05-06T06:50:53Z dg43tfdfdgfd