Jhunjhunwala lowers stakes in BEML, Praj

Crorepati investor and stock trader Rakesh Jhunjhunwala is reducing his stakes in Bharat Earth Movers (BEML) and Praj Industries, two of his best investments.

Jhunjhunwala, known for spotting stock winners at a very early stage, is seen to be booking his profits in the public sector mining and construction equipment maker, within days after it filed its prospectus for its follow-on offer on April 12. Rakesh Jhunjhunwala and family owned 1.47 per cent stake in BEML . Thery sold 3,50,000 shares between April 12 and April 26, at around Rs 1,000 a share.

The sales have netted the Jhunjhunwalas about Rs 35 crore.

Jhunjhunwala held 2.79 per cent stake (or 1,026,518 shares) in BEML about two years back and was in fact the sixth largest investor in the company.

Similarly, Jhunjhunwala and family holds about 10.4 per cent stake (87,00,312) in Praj Industries at the end of the last quarter, 6,49,450 shares during February-end period at Rs 400 a piece. The sales have resulted in him netting about Rs 26-crore.

Jhunjhunwala had identified BEML and Praj Industries much before it turned out to be multibaggers.

Some of Jhunjhunwala's other noted holdings in the domestic market include Nagarjuna Constructions (16.37 per cent), Titan Industries (11.59 per cent), Matrix Laboratories (2.58 per cent), Geojit Financial Services (13.14 per cent), Geometric Software Solutions (11.89 per cent), Crisil (8.35 per cent), KPIT Cummins (9.04 per cent), among others.