Rakesh Jhunjhunwala buys stake in the PSU metal company
Indian ace investor and trader Rakesh Jhunjhunwala has bought stake in the PSU company Steel Authority of India (SAIL) as the shareholding pattern of the company shows his name appear in the June 2021 quarter. Known as the 'Big Bull' as well as India's 'Warren Buffett', Jhunjhunwala's investments are closely tracked by the market participants.
As per the BSE shareholding pattern, Rakesh Jhujhunwala bought 1.39% stake or 5,75,00,000 shares in SAIL during the April-June period. He did not hold any stake in the previous quarter, the data showed.
Shares of SAIL surged nearly 2% in Thursday's deals at ₹126.8 per share on the Bombay Stock Exchange (BSE). One of the largest steel-making companies in India, SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. It also manufactures and sells a broad range of steel products.
Jhunjhunwala invests in both his own name and his wife's, Rekha Jhunjhunwala. He is a qualified Chartered Accountant and manages the asset firm Rare Enterprises. He tends to favor stocks in the finance, tech, retail and pharma sectors to name a few. Rakesh Jhunjhunwala and Associates publicly holds 37 stocks with a net worth of over ₹19,219.8 crore, as per Trendlyne.
Separately, he raised his stake in his portfolio stock Edelweiss Financial Services Ltd in April to June 2021 quarter to 1.61% from 1.19%. Meanwhile, he cut down his stake further in Titan Company during the first quarter of FY22.
He trimmed his stake to 3.72% in Titan in the first quarter of FY22 from 3.97% in the previous quarter. While his wife Rekha Jhunjhunwala's stake remained the same at 1.09% during the quarter. After the recent stake cut, he and his wife together hold 4.85% stake in the company as of June 2021. He had also cut his stake in Titan in the March 2021 quarter.