The domestic market remained volatile in Friday’s trade after a sharp sell-off on the previous day amid global weakness. Big Bull Rakesh Jhunjhunwala lost around Rs 842 crore in his 2 preferred shares in Friday’s morning trade. Titan, star health And Allied Insurance Company Limited
Share price of Titan Company opened at 9:30 am today and hit each and every level of 1997, falling by Rs 63.95 per share from yesterday’s level of Rs 2060.95 on NSE. The stock has lost 28.32 per cent in the last three months, while the benchmark Sensex has lost 11.26 per cent in the same period.
On the technical front, the daily RSI (Relative Strength Index) of the stock stood at 26.756. The RSI oscillates between zero and 100. Traditionally, the RSI is considered oversold when it is above 70 and below 30.
In the daily chart, the stock is trading below its 50-day, 100-day and 200-day simple moving averages (SMA) at 2262.02, 2378.18 and 2360.81 respectively.
As per the shareholding pattern of Titan Company for Q4FY22, Rakesh Jhunjhunwala holds 3,53,10,395 shares of the company while his wife Rekha Jhunjhunwala holds 95,40,575 Titan shares. So, Jhunjhunwala couple together have 4,48,50,970 shares of Titan. As Titan share price fell 63.95 in 15 minutes of stock market opening today, the net fall in net worth of Rakesh Jhunjhunwala due to slide in this Tata stock is around Rs 287 crore (63.95 x Rs 4,48,50,970).
The share price of Star Health opened lower today and reached the level of Rs 609.05 till 9:30 am. Since the stock closed at Rs 664.15 on Thursday, it fell by Rs 55.10 within 15 minutes of the stock market opening today. Shares of Star Health Insurance have lost over 17 per cent so far in 2022.
Similarly, Rakesh Jhunjhunwala holds 10,07,53,935 shares of Star Health, which fell by Rs 55.10 per share in 15 minutes after the stock market opened today. So, the net fall in the net worth of Rakesh Jhunjhunwala is around Rs 555 crore (Rs 55.10 x 10,07,53,935) due to fall in portfolio stock of Rakesh Jhunjhunwala.
Analysts at ICICIDirect Research are also bullish over the counter and maintain a buy rating on the stock with a target price of Rs 825, indicating a possible 20 per cent rise over the counter. He added that Star Health is expected to maintain its leadership in the retail health segment with sustainable long-term growth opportunities. “Premium growth at 20-23 per cent CAGR and focus on underwriting profits is seen keeping ROE ahead of peers,” the report said. The brokerage sees under penetration, market leadership in new products, mitigating COVID claims to boost profitability and agency channels with digital tie-ups to boost business growth as key triggers for counter Focuses on strengthening
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