Rakesh Jhunjhunwala portfolio stock retraces from record high. Should you buy?

Market


Rakesh Jhunjhunwala portfolio: Titan Company shares are one of the favorite Rakesh Jhunjhunwala stocks that has remained a traditional investment option for mutual funds, FPIs and long term retail investors. This Tata group stock recently hit its life-time high of 2,791 apiece in NSE. However, the stock has retraced from its record high and attracting attention of long term positional investors.

According to stock market investors, Rakesh Jhunjhunwala-backed Tata group stock has always remained an ideal ‘buy on dips’ stock for long term investors. Market is expecting strong quarterly results for Q3FY23 and Q4FY24 from this fashion stock. However, the stock has topped out on chart pattern and it may further retrace up to 2500 levels. So, one can start accumulating from current levels and keep on accumulating till it is trading above 2350 apiece levels. In mid-term the stock may go up to 3,000 apiece levels whereas in long term, the stock is expected to go up to 5,000 apiece levels.

Speaking on the fundamentals that may continue to support Titan shares in upcoming quarters, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Titan Company has reported better than expected Q2FY23 results. Management commentary and business outlook for next half of the current fiscal is expected to remain on higher side and hence it is going to attract long term investors and a quality buy on dips stock. apart from this, there is dearth of quality and blue-chip stocks where FIIs and mutual funds usually invest. In such case, such investors are also expected to look at Titan shares. So, one should look at big dip in this stock as buying opportunity.”

On what chart pattern suggest in regard to Titan shares, Manoj Dalmia, Founder & Director at Proficient Equities said, “After giving sharp upside moves in recent sessions, Titan share price has topped out and it is expected to remain under profit-booking for some time. So, short term investors are advised to book profit at current level or on any rise from current levels. The Tata group stock is expected to go up to 2500 apiece levels. So, long term investors are advised to start accumulating at current levels till the stock is quoting above 2350. One has to maintain strict stop loss at 2350 while taking long position in the counter.”

On medium and short term target that one can look at while taking long position in this scrip, Ravi Singhal, CEO at GCL Securities said, “Long term investors can buy Titan shares for 6-9 month target of 3,000 and two years target of 5,000 levels.”

Rakesh Jhunjhunwala shareholding in Titan

According to shareholding pattern of Titan Company for July to September 2022 quarter, Rakesh Jhunjhunwala and Rekha Jhunjhunwala hold stake in this Tata group stock. 3,41,77,395 shares or 3.85 per cent stake of the company belongs to Rakesh Jhunjhunwala whereas Rekha Jhunjhunwala holds 1,50,23,575 shares or 1.69 per cent stake in the company.

 

Titan Company Q2 results

In early November 2022, Titan Company reported 33.7 per cent rise in net profit to 857 crore for the September 2022 quarter. This is against a net profit of 641 crore in the year-ago period. In Q2FY22, company’s revenue from operations grew 22 per cent to 8,730 crore against 7,170 crore in Q2FY22.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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