Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala sold 1.03 crore shares of Titan Company in the March quarter, thus reducing their stake to 5.53 percent in March 2020 from 6.69 percent in December 2019.
According to the latest exchange filing of the company, Jhunjhunwalas now hold 4.9 crore shares as against 5.93 crore shares in December.
The foreign portfolio investors (FPIs) have also reduced their stake in the company to 17.74 percent in the quarter ended March as compared to 18.31 percent held in the December quarter.
As per the latest shareholding pattern, Life Insurance Corporation has raised its stake to 2.27 percent from 1.64 percent and Mutual Funds have increased their stake in the company to 5.66 percent from 5.15 percent in the previous quarter.
The shares of Titan Company have fallen more than 17 percent so far this year. Titan’s business is hurting from high gold prices, weak consumer sentiment and the lockdown to contain COVID-19.
Analysts expect a recovery only in the second half of this year.
In its quarterly update on April 8, the company said its revenues fell 5 percent in the January-March period while watches and wearables division grew by 1 percent despite significant loss of sales in the month of March.
“Consequent to the serious disruptions in operations in March, revenue growth for the quarter and consequently for the year has been impacted severely. The company is working out its strategy to manage this crisis with a particular focus on ensuring adequate liquidity is available till normalcy returns,” the company said.
Cost will be another major focus area for the company in these trying times, it added.
First Published: IST