Big bull Rakesh Jhunjhunwala's favourite stock, Titan Company Ltd, of which he holds over 6.8 percent, was trading at Rs 962.35 at 02:34 pm on Monday on the BSE. The scrip hit at all-time high of Rs 1,006 on 18 April, 2018.
According to The Financial Express, top brokerages JP Morgan and Motilal Oswal are bullish on the Tata group firm.
Motilal Oswal, which has set a price target of Rs 1,050 per Titan share, said the company's growth is driven by successful diamond jewellery activation and the revised gold exchange policy.
On 13 April, Titan said it is eyeing a gross revenue of Rs 50,000 crore by financial year 2022-23, and that it expects its jewellery business alone to bring in some Rs 40,000 crore by then. Watches and accessories, eyewear, fragrances, international sales of watches and jewellery, and new businesses including Taneira are expected to bring in the remainder.
"Titan now aspires to touch 50 million customers across all its businesses and achieve the uniform consumer price (UCP) revenue of Rs 50,000 crore by 2022-23," Titan said in a BSE filing.
The Titan scrip made Jhunjhunwala’s richer by over Rs 875 crore in a single trading session in November 2017, when the firm's shares jumped post the release of of stellar second-quarter results, according to a report in The Financial Express.
In an interview to ET Now in October 2017, Jhunjhunwala revealed that Titan is his favourite stock.
For fiscal 2016-17, Titan reported a net profit of Rs 761.86 crore on net sales of Rs 12,717 crore. The jewellery business' net sales stood at Rs 10,237 crore .
With inputs from PTI
Updated Date: Apr 23, 2018 14:36 PM