Titan Company became the second firm in the Tata group to hit the market capitalisation of Rs two lakh crore after Tata Consultancy Services (TCS), the country's largest IT services provider. Titan shares surged to a record high on Thursday after the company said it saw a recovery across segments after the second wave of the COVID pandemic in the July-September period.
At noon, Titan shares traded 9.8 percent higher at Rs 2,357 on the BSE, with market capitalisation at Rs 2.1 lakh crore. Earlier on Thursday, the Titan stock touched a record high of Rs 2,363.7.
Brokerages remain positive about the company's prospects, with JPMorgan and Credit Suisse raising their target prices.
Most other Tata Group stocks rose on Thursday. TCS was up 1.8 percent, Tata Motors 9.1 percent, Tata Steel 1.1 percent, Trent 6.4 percent, India Hotels 11 percent, Tata Power three percent, Tata Consumer 0.7 percent, and Tata Coffee 1.9 percent.
Titan shares have broken a series of records in the recent past. In the last year, the Titan stock has rewarded shareholders with a return of 88 percent.
How Titan shares have performed in the last one year.
Titan is currently at the 24th spot among Indian companies in terms of market value. The ranking is topped by Reliance Industries, which recently crossed the Rs 17 lakh crore mark, followed by TCS, HDFC Bank, Infosys and HUL.
As of Wednesday's closing price, Titan's market value stood at Rs 1.9 lakh crore. The market capitalisation of TCS - the country's second-largest company - was at Rs 14.1 lakh crore.
Abneesh Roy of Edelweiss Securities remains positive on Titan. He said in an interview with CNBC-TV18 that despite its size, the company is gaining market share and growing faster than the competition.
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(Edited by : Sandeep Singh)