Rekha Jhunjhunwala buys over 6,00,000 more shares of this Tata Group stock in Q1

Rekha Rakesh Jhunjhunwala bought 6,50,000 additional shares of Titan Company in the June quarter, thereby increasing the bets on one of Rakesh Junhjhunwala's oldest investments in the consumer discretionary space.

As of June end, Jhunjhunwala held a 5.36% stake in Tata Group Company, compared to 5.29% in the previous quarter.

In the June quarter, Titan was among the best-performing stocks in the Nifty50 package, gaining more than 21%. Earlier this month, the stock hit a lifetime high of Rs 3,210.

On a year-to-date basis, Titan has gained more than 15%, outperforming Nifty50, which is up about 9%.

Even foreign portfolio investors (FPIs) increased their bets on the jewellery maker last quarter. FPIs in this category: It raised their holdings to 17.79% at the end of June from 16.86% a quarter ago.

Meanwhile, domestic mutual funds and Life Insurance Corporation of India slightly reduced their holding in the company.

At the end of June, MFs had a 5.52% stake in Titan, up from 5.78% in the previous quarter. LIC fell to 1.77% from 2.09% QoQ.

The jewellery maker saw consistent growth in earnings which has supported gains in the stock.

In the provisional update for the first quarter, Titan said it reported year-over-year revenue growth of 20%, with all major consumer businesses witnessing double-digit growth in the quarter.

The mainstay Jewelery segment saw a 21% year-over-year growth in the past quarter. The Watches and Wearables division posted 13% growth, while the EyeCare division saw sales grow by 10%.

The company will be releasing its earnings for the June quarter on August 2.

In trade on Tuesday, shares of Titan were trading down 1.1% at Rs 3,000.75 on the National Stock Exchange.

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