The domestic markets were volatile in Friday’s trade after a sharp selloff the previous day amid lingering global weakness.` Big Bull Rakesh Jhunjhunwala lost nearly Rs 842 crore in early trade on Friday morning trade in his 2 favourite stocks namely Titan, Star Health & Allied Insurance Company Ltd.
Titan Company share price today opened lower and hit Rs 1997 apiece levels by 9:30 AM, logging Rs 63.95 per share dip from its yesterday’s close of Rs 2060.95 levels on NSE. In the past three months, the stock has declined 28.32 per cent while the benchmark Sensex has lost 11.26 per cent during the same period.
On the technical front, the stock’s daily RSI (relative strength index) stood at 26.756. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
In the daily chart, the stock is trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed 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 company shares while his wife Rekha Jhunjhunwala owns 95,40,575 titan shares. So, the Jhunjhunwala couple together holds 4,48,50,970 Titan shares. As Titan’s share price dipped 63.95 in 15 minutes of stock market opening today, the net slide in Rakesh Jhunjhunwala’s net worth due to the slide in this Tata stock is around Rs 287 crore (Rs 63.95 x 4,48,50,970).
Star Health share price today opened lower and went on to hit Rs 609.05 apiece levels by 9:30 AM. As the stock had closed at Rs 664.15 levels on Thursday, it logged Rs 55.10 dip within 15 minutes of the stock market opening today. Star Health Insurance shares have tanked more than 17 per cent so far in 2022.
Likewise, Rakesh Jhunjhunwala holds 10,07,53,935 Star Health shares that dipped Rs 55.10 per share in 15 minutes after the stock market opening bell today. So, the net dip in Rakesh Jhunjhunwala’s net worth due to the dip in this Rakesh Jhunjhunwala portfolio stock is around Rs 555 crore (Rs 55.10 x 10,07,53,935).
Analysts at ICICIDirect Research are also bullish on the counter and maintained a buy rating on the stock with a target price of Rs 825, hinting towards a potential 20 per cent upside in the counter. Star Health is expected to maintain its leadership in the retail health segment with sustainable long term growth opportunities, they stated. “Premium growth at 20-23 per cent CAGR and focus on underwriting profit is seen keeping RoE ahead of peers,” the report said. The brokerage sees under penetration, market leadership in new products, subsiding Covid claims to boost profitability and continued focus on strengthening agency channels along with digital tie-ups to boost business growth as the key triggers for the counter.
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