These two Rakesh Jhunjhunwala stocks surged by 5-6% today; have you invested in any?
A comeback has been made on Dalal Street today, with Sensex and Nifty 50 restoring some recently lost ground during the previous two trading sessions. At around 11:53 hours, Sensex was trading at 37,902.17 above 184.21 points or 0.49%, while Nifty 50 was higher by 76.85 points or 0.68% trading at 11,446.75. Investors have shown positive sentiment in markets, especially in case of Sensex because it dropped as much as 976 points in just two previous trading. Interestingly, Sensex and Nifty were not alone in receiving all the love of investors, these two Rakesh Jhunjhunwala linked stocks saw massive buying today.
Firstly, his latest investment, Jaiprakash Associates has surged by 5.96% with an intraday high of Rs 10.30 per piece. At around 11:59 hours the stock price was trading at Rs 10.21 per piece above 5.04%.
By end of Q1FY19, Rakesh Jhunjhunwala increased his holding in Jaiprakash. Jhunjhunwala now has 5 crore equity shares, which comes to 2.06% share capital of the company.
This holding has risen by 2 crore equity shares, as Jhunjhunwala held only 3 crore equity shares as on March 2018, which was then 1.23% of share capital.
When Jhunjhunwala increased his shareholding in Jaiprakash many did question his investment strategy as the company is tied up in controversies and defaulting on debt due to Jaypee Infratech. However, looks like Jhunjhunwala today has proved everyone wrong.
Going ahead, VIP Industries would be second stock that saw massive uptick in valuation. The company’s stock was trading at intraday high of Rs 547.50 per piece up by Rs 26.05 or 5%.
It needs to be noted that, VIP Industries has been among the top performer under Jhunjhunwala’s portfolio. The company has given return by 67.67% in H12018 to the ace investor. The stock has touched an all time-high of Rs 645.05 per piece and has surged by a whopping 189.26% in a year.
Jhunjhunwala holds about 3.69% in VIP Industries which would be about 5,215,000 equity shares worth Rs 297.96 crore.
Many investor eye Jhunjhunwala’s method of trading when it comes to equities, and with success achieved on stock market, he sure knows how to make money. If you have invested in the above mentioned two stocks, then you are set to make money as well just like Jhunjhunwala!