New Delhi: Titan Company share price has set a new record high in the market on Thursday as on National Stock Exchange (NSE), the company's stock rose by Rs 214 per share to reach a record high of Rs 2362.
The company's stock has seen an increase of more than 9 percent, after which the market cap of the company has crossed 2 lakh crores. Along with this, there has been a lot of improvement in the company's demand in the July-September quarter.
The company's stock has made a new high by breaking the 52-week record with a gain of 9.39 percent on Thursday. In early trade, the company's stock had reached Rs 2,348.45 on Bombay Stock Exchange (BSE). At the same time, the company's stock was trading at the level of 2,347.40 with a gain of 9.30 percent on NSE.
After the rise in the share price, the market capitalization of the company has reached 2,08,026.05 crore on the BSE.
Notably, the Tata Consultancy Services (TCS) was the first among the Tata group firms to reach a market valuation of Rs 2 lakh crore. Its current market valuation is 14,19,973.35 crores. Subsequently, Titan on Wednesday said that it has seen a significant improvement in demand in the July-September quarter. At present, most of the company's stores across the country are fully functional.
Following the rise in share price, Rakesh Jhunjhunwala earned 900 crores from this stock.
According to the shareholding pattern of Titan Company, Rakesh Jhunjhunwala was having 3,30,10,395 shares in the company in the second quarter of FY22. At the same time, Jhunjhunwala's wife Rekha was too holding 96,470,575 shares. Both have 4,26,50,970 shares of Titan. Both of them have earned around Rs 900 crore (214.35 x 4,26,50,970 = 914 crore) from this jewellery stock on Thursday.
According to the Mint, Emkay Research has raised its price target to Rs 2,530 in anticipation of growth. Earlier it was Rs 2,000. The research body said that given the recent growth, Titan's revenue is expected to grow by 64 percent to Rs 7,100 crore.