New Delhi: Titan’s shares went down a lot after the company shared its latest earnings report on May 3, 2024. This bad news continued on May 6, 2024, and even on May 7, 2024, the shares were still not doing well, trading at Rs 3,228.95, which was down by 1.56 percent.
Rekha Jhunjhunwala, a famous investor in the stock market and the wife of the late billionaire Rakesh Jhunjhunwala, saw a big decrease in the value of her investments in Titan on May 6, 2024.
Because of this drop in Titan’s share price, the total value of the company decreased a lot, going below Rs 3 lakh. This caused Rekha Jhunjhunwala’s investments in Titan to lose over Rs 800 crore.
As of March 31, 2024, Rekha Jhunjhunwala owned 5.35 per cent of Titan. Her shares were worth Rs 16,792 crore based on the closing price on Friday. But this value went down a lot because Titan’s share price fell.
In terms of how the company is doing financially, Titan’s income went up by 22 per cent in the fourth quarter of FY24 compared to the same time last year. But even though the EBIT (which is a measure of how much money a company makes from its operations) went up by 10 per cent, the PBT (which is how much profit a company makes before paying taxes) stayed the same at around Rs 991 crore.
This is because the company had extra costs related to buying CaratLane and expenses for their ESOP (Employee Stock Ownership Plan). Overall, for the whole fiscal year FY24, Titan’s total income grew by 23 percent to around Rs 47,501 crore, and the PBT went up by 4 per cent to about Rs 4,623 crore., the company’s Board suggested giving a dividend of Rs 11.00 for every Equity Share of Rs 1 each of the Company. This would happen after the 40th Annual General Meeting, but only if the shareholders agree.
