Festive sparkle drives Rakesh Jhunjhunwala’s favorite guess to document excessive; will the fireworks proceed?


MUMBAI: Rakesh Jhunjhunwala’s prized possession Titan Company has hit a document excessive, buoyed by strong festive gross sales, and as buyers confirmed a choice for the business chief in a market the place valuations have turned costly.

Analysts are nonetheless upbeat on the prospects of the inventory and see extra steam within the rally for this watch and jewellery maker from the Tata Group.

Jhunjhunwala first purchased Titan in 2002-03 at a median value of Rs 3, based on media stories, and the inventory now has important weightage in his portfolio. He held 4.43 per cent stake within the firm on the finish of September quarter, whereas his spouse Rekha Jhunjhunwala owned 1.09 per cent. At present market value, the couple’s complete holding in Titan is valued at Rs 6,803 crore.

At the moment, the inventory has 2 ‘robust purchase’, 10 ‘purchase’, 10 ‘maintain’, 5 ‘promote’ and a couple of ‘robust promote’ scores, information from Reuters Eikon confirmed.

The inventory is up 19 per cent in final one month and hit an all-time excessive of 1,391.45 on Wednesday. It has been a constant performer and returned 633 per cent for final 10 years, 268 per cent for final 5, 72 per cent for 3.

Gautam Duggad, Head Of Analysis for Institutional Equities at Motilal Oswal Monetary Providers, mentioned Titan stays India’s greatest discretionary consumption play given the underlying large alternative in branded jewelry, weakened regional competitors, shift from unorganized to organized, rising compliance necessities and beneficial demographics.

“It’s persistently gaining market share and likewise witnessing structural premiumisation tendencies in favour of studded jewelry,” Duggad mentioned

Deven Choksey, Group Managing Director, KR Choksey Funding Managers, says the state of affairs is popping regular for many of the firms akin to Titan post-Covid. “The jewelry enterprise has additionally choosing up, within the festive season,” he mentioned

“Majority of the brand new funds coming into the market wish to purchase the leaders, and are keen to pay a premium for them. Titan is one such title. The valuations are costly, however the management justifies the premium,” he added.

Overseas institutional buyers (FIIs) have hiked stake in Titan by 50 foundation factors within the September quarter to 18.05 per cent, whereas mutual funds have been trimming their stake within the firm for the reason that final two quarters, and held 4.63 per cent on the finish of September.

Final month, the Tata group agency mentioned it noticed good traction throughout all its companies within the festive season and its jewelry enterprise witnessed a “mid-teens” development from Dussehra until Diwali.

“The jewelry enterprise witnessed a mid-teens development (round 15 per cent) for the 30 day festive season ranging from Dussehra until Diwali over the corresponding interval final 12 months, with a good restoration in studded jewelry gross sales,” the corporate mentioned in a enterprise replace.

Titan mentioned its watches and wearables enterprise additionally did good enterprise throughout the festive season with restoration near final 12 months ranges.

On November 25, Emkay analysts reiterated their purchase score and raised the goal value to Rs 1,450 from Rs 1,300 earlier.

“Sturdy marriage ceremony season, pent-up demand and secure gold costs boosting demand can drive upsides to jewellery forecasts, in our view,” Emkay analysts mentioned in a observe.

“With bettering development visibility and better earnings outlook than friends, we count on Titan to commerce at multiples according to different excessive development friends,” the brokerage added.

Not everybody was so optimistic although.

“There was a festive and marriage ceremony season demand, which led to a spike in gross sales. We have to see if the traditional gross sales over the following few months return to pre-Covid ranges,” mentioned impartial analyst Ambareesh Baliga.

Baliga additionally pointed that with gold costs peaking out, the strong stock good points that had accrued earlier could not maintain going forward.

“I used to be recommending the inventory at decrease ranges, however on the present ranges, it appears absolutely priced,” Baliga mentioned.

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