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Who is Rakesh Jhunjhunwala?
How Rakesh Jhunjhunwala became the Dalal street mogul
Jhunjhunwala had started dabbling with the stock market when he was in college. He was enrolled at the Institute of Chartered Accountants of India but after attaining the degree, he decided to plunge headlong into Dalal street. In 1985, Jhunjhunwala had invested Rs 5,000 as capital. By September 2018, that capital had inflated to Rs 11,000 crore.
Jhunjhunwala had developed an interest in the stock market after listening to his father discuss it with his friends. Jhunjhunwala had said that his father told him to read newspapers regularly as it was the news that made the stock market fluctuate. While his father allowed him to dabble in the stock market, he refused to give him financial aid and forbade him to ask friends for money.
But Jhunjhunwala was a risk-taker right from the start. He borrowed money from his brother’s clients and promised to return the capital with higher returns compared with bank fixed deposits.
He had earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months. He had earned over three-times profit. In three years, he had earned 20-25 lakh.
Over the years, Jhunjhunwala successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC.
After the 2008 global recession, his stock prices fell by 30% but he eventually recovered from the loss by 2012.
Rakesh Jhunjhunwala's personal life and education
Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai, where his father was posted as an Income Tax Officer. After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India. He was married to Rekha Jhunjunwala, who is also a stock market investor.
Jhunjhunwala's investments
Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises. He had invested in Titan, CRISIL, Aurobindo Pharma, Praj Industries, NCC, Aptech Limited, Ion Exchange, MCX, Fortis Healthcare, Lupin, VIP Industries, Geojit Financial Services, Rallis India, Jubilant Life Sciences, etc.
Rakesh Jhunjhunwala's net worth
Jhunjhunwala is ranked the 36th richest man in India, with a net worth of $5.8 billion, at the end of the FY23 June quarter.
Philanthropy
His philanthropic portfolio included nutrition and education. By the year 2020, Jhunjhunwala planned to give away 25 per cent of his wealth to charity. He had contributed to St Jude, which runs shelters for cancer-affected children, Agastya International Foundation, and Arpan, an entity that helps create awareness among children on sexual exploitation. He also supported Ashoka University, Friends of Tribals Society, and Olympic Gold Quest. He was in the process of building an eye hospital in Navi Mumbai, which will perform 15,000 eye surgeries free of cost.
Latest Updates on Rakesh Jhunjhunwala
Unlisted shares of Inventurus Knowledge Solutions were trading at Rs 1,554 apiece in the grey market, reflecting a premium of Rs 225 or 16.93 percent over the upper price band of Rs 1,329
Now, the focus has shifted from creating investor intent through education to enabling easy execution via digital channels
Shares of Jubilant Pharmova surged 12 per cent on the BSE in Friday's intra-day trade to hit a new high of Rs 1,169.55, in an otherwise subdued market.
Among those investors selling shares is Rekha Rakesh Jhunjhunwala, who owns 5,446,240 shares, representing a 7.69 per cent stake in the company
The shareholder approval will pave the way for Tata Motors to convert its shares with DVR into ordinary shares and thereby simplify its capital structure
Of top 10 companies in Rekha Jhunjhunwala's portfolio total 8 stocks have given positive returns; while Metro Brands and Fortis Healthcare recorded negative returns of 11 per cent and 4 per cent
Rekha Jhunjhunwala, wife of late ace investor Rakesh Jhunjhunwala, held a 4.8-per cent stake in Metro Brands at the end of December 2023
Agreement gives Akasa Air 'access to world's best training facilities' for 15 years
Shares of Canara Bank hit multi-year high at Rs 550.50, as they rallied 6 per cent after the lender said its board will meet on February 26 to consider stock split.
Akasa Air, which began flying commercially less than two years ago, made a firm purchase for the 737 Max 10 and Max 8-200 planes to be delivered through 2032, the carrier announced
Akasa Air on Monday said it has completed a thorough inspection of its entire fleet of in-service Boeing 737 Max planes and that there are no adverse findings
IKS Health is looking at a combined Total Addressable Market (TAM) of around US$ 195 billion across pre-acute and acute care markets, according to a company communication
Shares of Metro Brands that boasts of Metro, Mochi, Walkaway, Crocs and Fitflop brands, hit a record high of Rs 1,292, rallied 15% in intra-day trade on the BSE.
Promoted by family of the late investor Rakesh Jhunjhunwala, Akasa is planning to add more aircraft to its fleet and take it to 28 by March 2024 and add 10-12 planes every year for the next few years
The strong listing follows healthy demand for the shares of Gujarat-based bulk drug maker in its Rs 1,551-crore initial public offering (IPO)
The shares of the biopharma company listed at Rs 900, a 21 per cent higher against its issue price of Rs 741 per share on the National Stock Exchange and BSE on Friday.
Concord Biotech IPO: The stock is commanding a 20 per cent premium in the grey market, as per ipowatch.com
The late Rakesh Jhunjhunwala-backed firm sets price band of Rs 705-Rs 741 a share
Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjunwala, has sold an additional 6.2586% holding in Tata Chemicals subsidiary Rallis India this week
To raise the money, Akasa Air has approached potential investors which include PE firms and high-net-worth individuals