Mumbai-based big time investor Rakesh Jhunjunwala, along with Rekha Jhunjunwala, seem to be showing keen interest in Titan Industries Ltd.

Recently the duo picked up 6.16 per cent of the total capital in the company from the market.

Rakesh has 4.16 per cent while Rekha has 2 per cent, which is a significant addition from his earlier holding of 3.80 per cent for the quarter ended June 30, 2003.

The total foreign shareholding interest in the company has dwindled to 3.33 per cent for the second quarter compared to 6.36 per cent held during the first quarter.

According to a company official, this has nothing to do with the company and it is regular for any stockbroker or FIIs being active in the trading in the Titan counter.

"There isn't any drastic development in the company particularly for Rakesh Jhunjunwala to increase his holding in Titan. It is just normal activity," the official noted.

One of the reasons, why Rakesh Jhunjunwala might be interested in Titan is the fact that the company saw its net profit for the second quarter ended September 30, 2003 rise by a whopping 234 per cent on a year-on-year basis.

Another aspect might also to be the fact the company has aggressively restructured its jeweller division.

Net profit for the company was Rs 6.2 crore (Rs 1.9 crore), even as total income rose by 13.1 per cent to touch Rs 223 crore (Rs 197.2 crore). For the six-month period ended September 30, '03, Titan saw its income rise to Rs 370.3 crore (Rs 3.7 billion) representing a growth of 19 per cent.

Significantly the company was able to trim its loss to Rs 1.3 crore (Rs 13 million) against a loss of Rs 8.2 crore (Rs 82 million) for the comparable period in FY03.

The turnover of the watches and clocks division for the first six months stood at Rs 224.8 crore (Rs 2.25 billion) representing an growth of 23 per cent, while the jewellery business rose by 14 per cent to touch Rs 145.1 crore (Rs 1.45 billion).

Commenting on the results, Bhaskar Bhat, the company's managing director had said that the growth in the topline of the jewellery division was subdued due to the one-time impact of the restructuring of the jewellery business.

"The restructuring is aimed at further improving operating performance of the division which has shown significant increase in profit before interest and tax," he had noted.