Rakesh Jhunjhunwala has reduced stake in jewellery and watchmaker Titan Company during January-March 2021. Ace investor Rakesh Radhyshyam Jhunjhunwala has sold 22.50 lakh shares in the fourth quarter of the previous fiscal. Jhunjhunwala has slashed his stake to 3.52 crore shares or 3.97 per cent stake, at the end of March quarter, from 3.75 crore shares or 4.23 per cent stake in Titan Company in December quarter, according to the shareholding pattern of the public shareholders. His wife Rekha Jhunjhunwala continues to hold 96.40 lakh shares or 1.09 per cent stake in Titan.
According to the previous close of Titan Company share at Rs 1530.65 apiece, Rakesh Jhunjhunwala has sold Titan Company shares worth Rs 344 crore during January-March 2021. Rakesh Radhyshyam Jhunjhunwala along with his wife Rekha Jhunjhunwala collectively holds 4.49 crore shares or 5.06 per cent stake in Titan Company.
Foreign portfolio investors (FPIs), have also cut their stake to 16.06 crore shares or 18.10 per cent stake in the March quarter as compared to 16.50 crore shares or 18.59 per cent stake in the December quarter. However, LIC, the largest domestic institutional investor, raised its stake in Titan Company to 3.91 per cent from 3.59 per cent during the quarter. ICICI Prudential Life Insurance Company has cut stake to 1.09 per cent in March 2021 quarter from 1.11 per cent in December 2020 quarter. Insurance companies together hold 6.14 per cent against 5.92 per cent at the end of December.
The mutual funds also increased their stake in Titan Company to 3.86 crore shares or 4.36 per cent stake from 3.76 crore shares or 4.24 per cent. Moreover, retail investors (individual share capital up to Rs 2 lakh) enhanced their holdings to 9.03 per cent from 8.93 per cent.
Earlier this year, Titan Company share price hit a new 52-week high of Rs 1,620.95 apiece on BSE. The stock touched its 52-week low of Rs 809.85 apiece on May 18, 2020. So far this month, the stock price has corrected 1.78 per cent. In the January-March quarter stock has fallen 0.07 per cent.