Rakesh Jhunjhunwala buys shares in this PSU metal company

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Indian ace investor and trader Rakesh Jhunjhunwala has bought stakes in PSU firm Steel Authority of India (SAIL) as the company’s stock ownership pattern shows his name will appear in the June quarter of 2021. Known as the “Big Bull” as well as India’s “Warren Buffett”, Jhunjhunwala’s investments are closely followed by market participants.

Under the BSE participation pattern, Rakesh Jhujhunwala bought 1.39% of the shares, or 5.75.00,000 shares, of SAIL between April and June. In the previous quarter, he held no stake, as the data showed.

SAIL’s shares rose nearly 2% in Thursday’s deals 126.8 per share on the Bombay Stock Exchange (BSE). As one of the largest steel companies in India, SAIL produces iron and steel in five integrated plants and three stainless steel plants, which are mainly located in the eastern and central regions of India and are close to domestic raw material sources. It also produces and sells a wide range of steel products.

Jhunjhunwala invests in both his own name and that of his wife, Rekha Jhunjhunwala. He is a certified public accountant and heads the investment company Rare Enterprises. He prefers stocks in the finance, technology, retail, and pharmaceuticals sectors, to name a few. Rakesh Jhunjhunwala and Associates publicly owns 37 shares with a net worth in excess of 19,219.8 crore, according to Trendlyne.

Regardless of this, he increased his stake in his portfolio value Edelweiss Financial Services Ltd in the quarter from April to June 2021 from 1.19% to 1.61%. Meanwhile, he further reduced his stake in Titan Company in the first quarter of FY22.

He reduced his stake in titanium in the first quarter of FY22 from 3.97% in the previous quarter to 3.72%. His wife, Rekha Jhunjhunwala’s stake remained unchanged at 1.09% during the quarter. After the most recent share cut, he and his wife will jointly hold 4.85% of the shares in the company from June 2021. He had also reduced his stake in Titan in the March quarter of 2021.

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