Very bullish on India: PM Modi meets stock market investor Rakesh Jhunjhunwala

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PM Modi with Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala on Tuesday | Twitter @narendramodi

PM Narendra Modi on Tuesday met stock market investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala in New Delhi.

Often referred to as the investor with a “Midas touch”, Rakesh Jhunjhunwala is the 48th richest individual in India.

Prime Minister Modi took to Twitter to share a picture of himself with the couple captioned, “Delighted to meet the one and only Rakesh Jhunjhunwala…lively, insightful and very bullish on India.”

Earlier on Tuesday, PM Narendra Modi also met Nunzio Quacquarelli, the CEO and Managing Director of QS Quacquarelli Symonds Ltd.

“Had a productive meeting with Mr. Nunzio Quacquarelli, the CEO and Managing Director of QS Quacquarelli Symonds Ltd. We talked at length about aspects relating to the education sector,” the Prime Minister said in a tweet.

Who is Rakesh Jhunjhunwala?

According to Forbes, Rakesh Jhunjhunwala has an estimated net worth of $5.7 billion as of October 2021.

He currently serves as chairman of Hungama Media and Aptech, apart from sitting on the board of directors of a number of firms, including Concord Biotech, Provogue India and Viceroy Hotels.

READ: Five lesser known facts about stock market expert Rakesh Jhunjhunwala

Jhunjhunwala (61) has been investing in stocks since his college days. The son of an income tax officer, he has stakes in Star Health Insurance and Metro Brands, among others.

His most valuable listed holding, however, is Titan, which is part of the Tata conglomerate.

Rakesh Jhunjhunwala also runs a privately owned stock trading firm by the name of Rare Enterprises. Interestingly, the firm derives its name from the first two initials of his name and that of his wife Rekha.

In July of this year, the ace investor said he was planning to set up a low-cost airline within the next four years.

Rakesh Jhunjhunwala told Bloomberg he was considering investing $35 million in the venture and would own a 40 per cent stake in the airline. “I’ve got some of the best airline people in the world as my partners,” he said.

Rakesh Jhunjhunwala portfolio: Breakout in this Tata stock. ‘Buy,’ say experts

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Rakesh Jhunjhunwala portfolio: Tata Motors share price has surged around 85 per cent in 2021 as the auto stock shot up from ₹183 (close price on 31st December 2021 on NSE) to 342 apiece (close price on Monday on NSE). This Rakesh Jhunjhunwala portfolio stock has started to give upside move from August and has recently given a fresh breakout at ₹337 per stock levels.

According to stock market experts, chip shortage crisis is a short-term issue whereas long-term view of Tata Motors shares remains intact. They said that semi-conductor shortage is impacting wholesale volumes while retail volumes are seeing good recovery in all of the key markets. They advised investors to get advantage of this fresh breakout in Tata Motors shares as it may give sharp upside move in immediate short-term.

According to Motilal Oswal report, “JLR volumes started to show early signs of recovery from 2HCY19, driven by the new Evoque, a ramp-up in I-Pace, and course correction in China – which first got derailed due to the COVID impact and remains so due to the semi-conductor shortage. While the semi-conductor shortage is impacting wholesale volumes, retail volumes are seeing good recovery in all of the key markets (reflected in the order book of over 110k units). JLR is working with the supply chain for semi-conductors to ensure improvement from 3QFY22. In the case of India, the impact is low on the CV business as use is limited and demand is also low.”

On valuations of Tata Motors shares, Motilal Oswal report said, “Recovery is underway in all the three businesses of Tata Motors. While the India CV business would see cyclical recovery, the India PV business would witness structural recovery. JLR is witnessing cyclical recovery, supported by a favorable product mix. However, supply-side issues would defer the recovery process. While there would be no near-term catalysts from the JLR business, the India business would post continued recovery.”

Suggesting investors to buy this Rakesh Jhunjhunwala’s Tata group stock; Sumeet Bagadia, Executive Director at Choice Broking said, “Tata Motors shares have given fresh breakout at ₹337 and it may give sharp upside move in next few trade sessions. So, short-term positional investors are advised to buy this Rakesh Jhunjhunwala portfolio stock at current market price for the short-term target of ₹380. However, one must maintain stop loss at ₹330 while taking this positional call.”

Rakesh Jhunjhunwala shareholding in Tata Motors

As per Tata Motors shareholding pattern for April to June 2021 quarter, Big Bull holds 3,77,50,000 shares, which is 1.14 per cent of the total issued paid up capital of Tata Motors.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Rakesh Jhunjhunwala portfolio PSU stock hits 52-week high. Experts see more gains

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Rakesh Jhunjhunwala portfolio: Canara Bank share price has hit 52-week high in Monday’s deals on the account of Can Fin Homes stake sale news. The PSU banking stock hit a high of ₹182.40 per stock level — logging around 2.50 per cent rise on the NSE.

Stock market experts said that market is buzz with the news of Canara Bank selling its stake in the subsidiary company Can Fin Homes. Can Fin Homes share price also shot up today in the early morning deals hitting its lifetime high of ₹712.50 apiece.

Speaking on the reason for rise in this Rakesh Jhunjhunwala portfolio stock price today; Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Canara Bank share are surging due to the market buzz about its stake sale in the subsidiary company Can Fin Homes. Actually, Can Fin Homes share price have also surged to its all-time high. Market is speculating reasonable price gain for Canara Bank after signs of recovery in real estate sector on soaring demand. Since, Can Fin Homes is in housing finance business; it is expected to get better volume due to rise in this real estate demand.” So, in the wake of stake sale in Can Fin Homes, Canara Bank is expected to get better price in current market scenario.

Avinash Gorakshkar of Profitmart Securities went on to add that demand for real estate has been fueled by IT professionals. He said that most of the IT companies have announced dividend for its shareholders that means strong Q2FY22 numbers. So, the demand for real estate sector is expected to remain on the higher side leading to rise in volume of housing finance companies business.

Advising market investors to buy Canra Bank shares at current market price; Sumeet Bagadia, Executive Director at Choice Broking said, “Canara Bank shares can be bought at current market price for the short-term target of ₹200 to ₹225 maintaining stop loss at ₹165 per equity levels.”

Rakesh Jhunjhunwala shareholding in Canara Bank

As per the BSE shareholding pattern released by Canara bank for the period ended August 24, 2021, Indian ace investor Rakesh Jhunjhunwala, known as the ‘Big Bull’, has acquired 1.59% stake or 2,88,50,000 shares in the PSU bank.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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