Rekha Jhunjhunwala saw a substantial increase in her wealth today, as Titan’s share price soared to an all-time high. The surge today comes as global brokerage firm CLSA maintained its “buy” rating for the stock.
Titan’s share price surged over 1% on Tuesday morning to hit an all-time high of ₹3,394.85. The global brokerage firm also raised the price target for the stock from ₹3,948 to ₹4,029. The revised target indicates an around 20% upside from the stock’s last closing price of ₹3,345.85.
Analysts at CLSA anticipate that Titan’s earnings per share (EPS) will experience a growth of 24% and 21% between FY23-26 and FY23-33, respectively. This growth is attributed to factors such as geographical expansion, the introduction of new formats, and the expansion of the luxury segment.
Jhunjhunwala holds a 5.37% stake in Titan, which translates to 4.7 crore shares. The stock’s previous close was at ₹3,345.85, valuing her holdings at ₹15,954 crore. However, with the stock reaching an all-time high of ₹3,394.85 today, the value of her stake escalated to ₹16,192 crore.
Price Action: Titan’s share price was up 1.28% to trade at ₹3,388.80 in early trade on Tuesday.
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