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Rakesh Jhunjhunwala’s favorite stock hits all-time high; Titan stock may touch Rs 1,800 in next few days

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Titan company, Rakesh Jhunjhunwala, TitanAfter a breakout from its a number of excessive of 1620 ranges, Titan inventory has scaled an all time excessive.

Titan Company share value surged as excessive as 6 per cent to Rs 1,681.15, additionally a brand new all-time excessive, in intraday offers on BSE. Rakesh Jhunjhunwala’s favourite inventory surpassed its earlier excessive of Rs 1,620.95, touched on January 6 this 12 months and was the highest Sensex gainer on Thursday. With a pointy surge of 6 per cent, Titan Firm’s market capitalisation now stands near Rs 1.5 lakh crore. Analysts consider that this inventory might rally 7 per cent extra from present ranges to Rs 1,800 within the subsequent few days.

The Gold has been trending increased from $1,700 to $1,900 in a span of 8-9 weeks. “Typically, we see lag of value motion between gold and gold shares by 21-34 buying and selling days and Muthoot Finance rally within the final couple of days triggers the bullish sentiments in Titan,” Brijesh Bhatia, Senior Analysis Analyst, Equitymaster, instructed Monetary Specific On-line. Brijesh Bhatia suggested buyers to carry or add Titan of their portfolio as gold is anticipated to rally as much as $2,500. “The chance right here for Titan is the gross sales numbers may hit with the lockdown as shops are closed and on-line too as some states have allowed solely important merchandise to be delivered,” he mentioned.

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As Titan Firm inventory has damaged out of the consolidation zone of 1400-1610, Vishal Wagh, Head of Analysis, Bonanza Portfolio Ltd, instructed Monetary Specific On-line that the following goal of Titan will likely be Rs 1,800. “One ought to keep a cease lack of 1530 for a brief time period,” he mentioned. In quantity traded phrases, 2.64 lakh shares have traded thus far within the session on BSE, whereas a complete of 46.43 lakh scrips have exchanged fingers on NSE. Final 12 months in June, Titan Firm hit a 52-week low of Rs 908.50 apiece, since then it has rallied 85 per cent.

Rakesh Jhunjhunwala and his spouse Rekha Jhunjhunwala, held 3.97 per cent stake and 1.09 per cent stake, respectively, in Titan Firm on the finish of the March 2021 quarter, the shareholding sample knowledge confirmed. They collectively held 4.49 crore shares of Titan Firm. On the finish of Jan-Mar quarter of FY21, mutual funds held 4.36 per cent stake or 3.86 crore shares of this Tata group firm. Whereas international portfolio buyers (FPIs) held 18.10 per cent stake or 16.06 crore shares. Promoters’ stake stood at 52.90 per cent.

After a breakout from its a number of highs of 1620 ranges, Titan inventory has scaled an all time excessive. Partial unlocking in numerous states has additionally improved sentiments for the retail sector. “We count on the inventory to maneuver increased for a goal of 1800 over the following few weeks,” Vikas Jain, Senior Analysis Analyst at Reliance Securities, instructed Monetary Specific On-line.

(The inventory suggestions on this story are by the respective analysis analysts and brokerage companies. Monetary Specific On-line doesn’t bear any duty for his or her funding recommendation. Capital markets investments are topic to guidelines and laws. Please seek the advice of your funding advisor earlier than investing.)

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