Jhunjhunwala reduces 1.4% holding in Titan from May 22 to June 27
Big bull Rakesh Jhunjhunwala along with persons acting in concert have sold 12.5mn equity shares (1.41% stake) of Titan company Ltd (Titan) between May 22, 2018 and June 27, 2018.
The notice filed on BSE further said that Jhunjhunwala’s holding along with persons acting in concert stood at 10.0% in April, 2007. However, their current holding stood at 7.37% of the total holding, indicating a change of total 2.67% from April, 2007. Jhunjhunwala has generated ~30% annualised return from Titan from April, 2007 to June, 2018.
However, this does not change the fundamentals of the company. Titan is India’s leading producer and retailer of watches, jewellery, eyewear and accessories. Titan has retail footprint of over 1,400 stores and a total retail area of over 1.8mn sq ft.
Titan Company Ltd ended at Rs828.90 down by Rs9.15 or 1.09% from its previous closing of Rs838.05 on the BSE. The stock traded below its 50 DMA.
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