Billionaire investor Rakesh Jonghunwala raised his stake in the flagship Tata Titan Company Limited during the third quarter ending in December, according to a stock exchange filing.
As per the updated shareholding information in the stock exchanges, Rakesh Jhunjhunwala increased his stake to 4.02%, owning about 3,57,10,395 shares in the company.
Rekha Jhunjhunwala holds a 1.07% stake in the company, which has not changed since the September quarter. Together, both Jhunjhunwalas held 5.09% at the end of the December quarter.
At the end of the September quarter, Rakesh and Rekha Jonghunwala together held a 4.87% stake in the company.
On Thursday, Titan’s stock rose by 0.16 percent to settle at R2617.20 per piece at NSE. In the past year, the stock’s stock is up 75.66%.
Titan saw strong growth momentum continue into the third quarter with revenue up 36% year over year. Titan’s core jewelry business, which accounted for more than 85% of revenue for the half year to September, continues to shine. Segment revenue, excluding bullion sales, was up 37% year over year.
According to Titan, this time around, jewelry demand was strong, led by holiday season sales in October and November. Moreover, the proportion of studded jewelry in the overall cake improved slightly year-over-year. For perspective: This metric was 26% in Q3 FY21.
Both visits and customer conversions were significantly higher compared to last year, Titan said, adding that new buyer growth was higher than overall buyer growth driven in part by Tanishek’s regional strategy to win in concentrated markets.
The Watches & Wearables division saw strong growth momentum with multiple brand channels, both online and offline, growing significantly in the quarter, primarily on the back of the Titan brand. The segment grew 28% with the addition of 20 new stores in the third quarter.
Rakesh Jonghunwala, who is as respected as Warren Buffett or India’s Big Bull, recently received permission from the Union government for the new Akasa Air project.
Jhunjhunwala invests in both his and his wife’s name, Rekha Jhunjhunwala. He is a qualified chartered accountant and operates the asset firm Rare Enterprises.
Rakesh Jonghunwala and his family have a total net worth of RRs 22,300 crore as of September, according to Huron’s Rich List. His wealth has grown by a whopping 52% over the past year.
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