Rakesh Jhunjhunwala increases holdings in RP-Sanjiv Goenka-led firm: Do you own its shares?
Jhunjhunwala has once again found love for RP-Sanjiv Goenka Group's Firstsource Solution. This was the same stock where Jhunjhunwala had decide to reduce his holding in Q3FY19.
Various companies have started to announced January to March 2019 quarter (Q4FY19) results to present their financial audit report for this period on exchanges. This includes companies where big bull Rakesh Jhunjhunwala has invested too. One such company is Sanjiv Goenka Group's Firstsource Solution in which Jhunjhunwala had reduced holdings in Q3FY19. But, he has now increased his holdings by 0.37% to 3.36% with 22,500,000 equity shares which are worth Rs 107.3 crore now.
On Monday, the share price of Firstsource Solution on Sensex jumped by over 2% after touching an intraday high of Rs 48.95 per piece. However, at around 1207 hours, the shares were trading at Rs 48.45 per piece up by just 1.04%. Since the start of 2019, Firstsource has been hovering between Rs 47 to Rs 48 level. The stock did jump over Rs 52-mark in the first two weeks of January, but it did not take long time for the company to touch an all-time low of Rs 39.20 per piece by February end. However, from March till now, the stock has risen by nearly 11%. Therefore, Jhunjhunwala being a hefty investor in Firstsource, does saw gradual jump in his wealth in the stock.
During Q3FY19, Jhunjhunwala had trimmed his holding in Firstsource by 0.01%, taking his overall holding now to 2.89% with 20,000,000 equity shares.
Notably, in Q4FY19, Jhunjhunwala also saw a marginal drop in his wealth by 1% to Rs 13,327.32 crore compared toRs 13,505.6 crore in Q3FY19, as per TrendLyne.com data.
— Zee Business (@ZeeBusiness) April 8, 2019
What is Firstsource?
Founded in 2001 by RP-Sanjiv Goenka Group, the company provides services to customers in the field of banking and financial services, customer services, telecom and media, and healthcare sectors. Among major clients that Firstsource has are - Fortune 500 financial services, telecommunications and healthcare companies.
Not just in India, but the company’s operations have been expanded even in US, Ireland, UK and Philippines. Firstsource entered stock exchanges, after its public offering in February 2007 where its issue was oversubscribed by 49.32 times on NSE and BSE. Apart from Jhunjhunwala, Firstsource’s major shareholders are - CESC Limited, ICICI Bank Limited, Steinberg India Emerging Opportunities Fund Limited and Goldman Sachs India Fund Limited.
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