Rakesh Jhunjhunwala earns ₹900 crore on this stock in few minutes. Do you own?
Rakesh Jhunjhunwala's net worth today witnessed a huge jump within a few minutes as one of his portfolio stocks Titan Company surged to its lifetime high of ₹2362 on NSE — logging 214.35 per share intraday gain. The Tata company stock opened hit an all-time high in early deals, helping its investor Jhunjhunwala earn ₹900 crore in minutes.
How Rakesh Jhunjhunwala earned ₹900 crore
As per the shareholding pattern of Titan Company for Q2FY22, Rakesh Jhunjhunwala holds 3,30,10,395 shares of the company whereas his wife Rekha Jhunjhunwala holds 96,470,575 Titan Company shares. Therefore, together the duo hold 4,26,50,970 Titan Company shares.
Titan Company share price added 214.35 apiece today with Jhunjhunwala's net earnings on the jewellery stock around ₹900 crore ( ₹214.35 x 4,26,50,970 = ₹914 crore).
Titan shares surged over 9 per cent, with its market valuation crossing ₹2 lakh crore mark, after the company said it has witnessed a strong recovery in demand in the July-September quarter.
Titan Company shares went up 9.39 per cent to its 52-week high of ₹2,348.45 on BSE whereas on NSE, it surged 9.30 per cent to its 52-week high of ₹2,347.40 apiece.
Following the jump in its share price, the company's market capitalisation climbed to ₹2,08,026.05 crore on BSE.
From the Tata group firms, Tata Consultancy Services (TCS) was the first Tata Company to attain this milestone of reaching ₹2 lakh crore market valuation mark. Its current market valuation is at ₹14,19,973.35 crore.
Titan on Wednesday said it has witnessed a strong recovery in demand in the July-September quarter, and its sales in most of its divisions have either reached above or close to pre-pandemic levels.
Most stores are now fully operational barring a few in select towns, having localised restrictions, with overall store operation days exceeding 90 per cent for the quarter, said Titan in its quarterly updates.
Apart from its thrust on the digital channel, Titan has accelerated its retail network expansion during the quarter.