New Delhi: Veteran investor Rakesh Jhunjhunwala has reduced his stake in his favorite company. In the current circumstances, the prospects for the company are looking weak. This company is Titan, which has been Jhunjhunwala’s favorite company for a long time. He reduced his stake in the company in the March quarter.
The famous investor reduced his stake in Titan to 3.97 per cent during the March quarter, from 4.21 per cent in the December quarter. However, his wife Rekha Jhunjhunwala’s stake in the watch and jewelery maker remains at 1.09 per cent.
As of Thursday’s final price, Jhunjhunwala has sold 344 crore rupees shares of Titan Company during January to March. However, Titan still holds the largest stake in their portfolio, whose value is said to be above Rs 6,900 crore.
Foreign portfolio investors have also reduced their stake in Titan Company. He now holds an 18.1 per cent stake in the company, up from 18.59 per cent earlier. However, analysts expect the company’s profit to grow by 100 per cent in the fourth quarter.
The weakness of all analysts on Titan is not. LIC, the country’s largest domestic institutional investor, has increased its stake in the company from 3.59 per cent to 3.91 per cent. Overall, the share of insurance companies in the company has increased from 5.92 per cent to 6.14 per cent.
The managers of domestic mutual funds have also increased their stake in the company from 4.24 per cent to 4.36 per cent. Retail investors now have a 9.03 per cent stake in the company, up from 8.93 per cent in the previous quarter. On Thursday, the stock closed up XX per cent at a price of XX per cent.
