Titan investor, Rakesh Jhunjhunwala earned Rs 618 crore in two days

Rakesh Jhunjhunwala, an early investor of Titan and has been reaping gains from the company for over 19 years, has earned more than Rs 618 crore in two days.

Currently, he along with his wife Rekha Jhunjhunwala hold 6.69% of the total shares of the company. His individual stake stands at 5.21%.

As Titan’s shares jumped more than 7%, backed by a strong third-quarter performance, the shares of the company traded at Rs 1,278. On Wednesday the company gained 0.29%. In the last two trading sessions, Rakesh Jhunjhunwala earned more than Rs 618 crore. Taking his total investment in the company up from Rs 6,900 crore to Rs 7,593 crore.

With a robust growth in jewellery segment, Titan recorded a 12.9% rise in profits. Profit after tax for the third quarter stood at Rs 469.95 crore as compared to Rs 416.23 crore. According to the company Sales income during the third quarter grew by 9.4% while sales income for the nine-month period ending December 2019 grew 8.2%. The overall standalone income from operations in the third quarter stood at Rs 6,206 crore an increase from last year’s income of Rs 5,672 crore. Earnings before interest, taxes, depreciation, and amortization were up more than 25%.

Rakesh Jhunjhunwala had bought 16.2 lakh additional shares in Titan, during the third quarter after selling a part of his stake a few months prior to the purchase.

Titan ended the day’s trade at Rs 1,279 as Benchmark Indices rose for the 3rd day straight. Sensex gained 370 or 0.91 per cent, Nifty 50 jumped 110 points and ended the day at Rs 12,090.