This Jhunjhunwala Tata Group Stock Spurts Close To 8% Post Q1 Business Update

Titan shares in early trade on July 7 were seen gaining ground. The stock opened at Rs. 2130 and rose to day's high price of Rs. 2171.60, gaining 7.85% in early trade. This is also as the broader markets fare well with Nifty hitting 16,100 levels.

Primarily, the sharp gains in the stock price of Rakesh Jhunjhunwala owned stock are propelled post its Q1Fy23 business update. The release by the company to the exchange said, " It was a near normal first quarter after a gap of 2 years. Sales in Q1 period of the ongoing Fy grew 205% YoY on a low base and clocked 3-year CAGR of 20.5% over Q1Fy20, the only non-disrupted first-quarter in the last 3 years. The network expansion as well as campaigns continued to progress well throughout the quarter.

The stock pertinently shall also turn ex-dividend for a final dividend of Rs. 7.5 per share on July 8, 2022.

In Titan, Big Bull Rakesh Jhunjhunwala owns 3.98% stake as in the March ended quarter. Also, his wife Rekha Jhunjhunwala has a 1.07% stake.

Last, the stock at around 9:23 am was quoting higher by 5.95% at Rs. 2132.4 per share on the NSE. The stock's 52-week high on the exchange is Rs. 2768.