Wife of late seasoned investor Rakesh Jhunjhunwala, Rekha Jhunjhunwala gained nearly ₹500 crore in a single day of trading via the Titan stock. Rekha, a key shareholder in Titan, owns a 5.29% stake in the company. The Tata Group’s stock surged nearly 3% on Friday.
Rekha Jhunjhunwala inherited an extensive equity portfolio from her late husband who was known as the ‘Big Bull’ of the Indian stock market. According to Forbes, Rekha’s net worth is now valued at $6.1 billion. Within minutes after Friday’s trading opening, shares of Titan Company rose 3.39 percent to a new all-time high of Rs 3,211.10. Additionally, Titan’s market value increased to an all-time high of Rs 2,85,077 crore, up Rs 9,357 crore from Rs 275,720 crore in the previous session.
The value of Titan’s stock increased after it reported first-quarter sales growth of 20% year over year (YoY), with double-digit growth seen across all major consumer divisions in the June quarter. Titan opened 18 locations in the most recent quarter, bringing its total store count to 559, and this contributed to a 21% YoY rise in the company’s core jewelry industry.
The 8% YoY rise in the analog watches category and the 84% YoY growth in wearables contributed to Titan’s watch and wearable division’s 13% YoY growth. “International brands like Brand Titan had robust buying momentum and impressive double-digit growths. The average selling price of watches increased significantly as a result of consumer preference for high-end brands, the company claimed.
Ashok Sonthalia, Titan’s CFO said, “Buyer growth was higher than average ticket size growth for this period. Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust. The key categories of gold and studded grew well with no notable change in the overall product mix”.