Rekha Jhunjhunwala Stock To Trade Ex-Dividend Tomorrow For 1000% Dividend Payout: Buy?

Rekha Rakesh Jhunjhunwala portfolio stock Titan Company is going to trade ex-dividend tomorrow. According to BSE data, Titan selected July 13, 2023 as the ex-dividend date, and because the corporation uses a T+1 settlement method, the record date also falls on that day. The company has announced a dividend payout of 1000% for FY23.

The Board of Titan has recommended a dividend of Rs 10.00 per equity share of Rs 1 each of the company. The company has a solid track record of dividend declarations during the past five years. According to Trendlyne's statistics, Titan Company Ltd. has issued 23 dividends since July 30, 2001.

Titan Q1 Business Update

Titan Company Ltd. said that in the first quarter of the fiscal year 2023-2024 (Q1 FY24), in June, sales jumped by 20% year on year (YoY) with all key consumer businesses exhibiting double-digit growth in the quarter. According to Titan, 68 new stores, including CaratLane, have been opened during the quarter, bringing the total number of shops to 2,778. In Q1 FY24, the jewellery segment performed well, rising 21% YoY.

The 13% YoY growth in the watches and wearables category was made up of 8% YoY growth in the analog watch segment and 84 % YoY growth in wearables. Out of the 26 new stores added during the quarter, 14 were located in Titan World, 9 in Helios, and 3 in Fastrack. Sales for the EyeCare Division climbed 10% YoY. During the quarter, the division opened 2 new Fastrack locations and 5 new Titan Eye+ stores in the domestic market.

Fragrances and fashion accessories saw 11% YoY rise in emerging businesses, led by a 9% growth in fragrances and a 13% growth in fashion accessories. Sales for Taneira grew by 81% YoY in the first quarter of FY24. The company launched 6 new stores, 3 of which were in brand-new Vijayawada, Agra, and Berhampur, and the remaining 3 in already-existing Mumbai, Hyderabad, and Lucknow. Additionally, CaratLane business segment grew 32% YoY and opened 11 additional domestic stores in the first quarter of FY24.

Titan Q1FY24 Result Date

"Pursuant to Regulation 29 (1) (a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, 2nd August 2023. The unaudited financial results shall be published immediately after the conclusion of the Board Meeting," said Titan in a stock exchange filing on Tuesday.

Rekha Jhunjhunwala Shareholding in Titan

During Q4FY23, the company reported promoter shareholding of 52.90%, FIIs stake of 17.51%, DIIs stake of 11.23%, Govt stake of 0.17% and public stake of 18.19%. As per the shareholding pattern of Titan for January to March 2023 quarter, Rekha Jhunjhunwala wife of late investor Rakesh Jhunjhunwala held fully paid-up equity shares of 4,69,45,970 or 5.29% stake in the company.

Titan Share Price Target

Broking firm Choice Broking has set a target price of Rs 3350 for Titan, whereas ICICI Direct has maintained BUY on the stock with a target price of Rs 3240.

Shares of Titan Company were trading on the BSE at Rs 3115.35 apiece around 12 July 23 | 09:46 AM.