Rakesh Jhunjhunwala earns Rs 913 crore in an hour as Titan shares reach 52-week high

Rakesh Jhunjhunwala's net worth on Thursday rose significantly within an hour as his portfolio stocks Titan Company reached a lifetime high of ₹2362 on NSE. The Tata company stock reached an all-time high in early deals and allowed Jhunjhunwala to earn ₹913 crores in a little less than an hour. In the Titan Company, Rakesh Jhunjhunwala holds 3,30,10,395 shares of the company while his wife Rekha Jhunjhunwala holds 96,470,575. Therefore, together the couple owns 4,26,50,970 Titan Company shares. Titan Company's share price increased by 214.35 per share and Jhunjhunwala's net earnings on the jewelry stock increased by more than ₹900 crores.

The Titan shares increased by around 9% as its market valuation crossed the landmark of ₹2 lakh crore. The company earlier announced that it saw a strong recovery in the July-September period as demand increased and said that the upcoming festive period is going to be key for their future. The Titan Company’s shares increased by 9.39% and reached its 52-week high of ₹2,348.45 on BSE. Meanwhile, on NSE, the share price increased by 9.30% and reached its 52-week high of ₹2,347.40 per share. As the prices surged in its per-share evaluation, the company's market valuation also rose to ₹2,08,026.05 crore on BSE.

Titan’s strong performance in the July-September quarter

Among the several different Tata group firms, the first company to cross the valuation of Rs 2 lakh crore market valuation was Tata Consultancy Services (TCS). The current valuation of TCS is ₹14,19,973.35 crore. Titan said earlier on Wednesday, October 6 that due to the strong demand in the July-September quarter, the sales have reached the pre-pandemic levels and the company is keen to keep the growth rate at an increasing rate. The majority of the stores are now fully functional across the country. There are only a few outlets that are closed due to heavily localised lockdowns or restrictions, but the stores with the majority of the output are already functioning. Titan has also expanded its market through online markets and apps, which has also helped to increase its sales. Titan said that the jewelry business saw 78% growth when compared to the year-ago period while the watches and wearables business saw 73% growth. Titan added that it other business saw a massive 121% year-on-year growth.