Initial shareholding data available with stock exchanges showed a couple of changes in the late ace equity investor Rakesh Jhunjhunwala’s portfolio during the second quarter of the ongoing financial year. The market maven died on August 14 due to a sudden cardiac arrest.
Data showed that Jhunjhunwala upped his stake in Tata Communications to 1.61 per cent during the September quarter against 1.08 per cent in the preceding quarter ended June 30. On the other hand, the country’s biggest institutional investor Life Insurance Corporation of India (LIC) marginally cut its stake in the company to 3.36 per cent from 3.37 per cent earlier.
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Shares of Tata Communications have tanked nearly 21 per cent on a year-to-date basis (YTD) till October 14, 2022. On the other hand, the benchmark BSE Sensex stood almost flat (down 0.57 per cent) at 57,919.97 during the same period.
In another update from Jhunjhunwala’s portfolio, the ace stock picker cut his stake in Canara Bank before his death. His holding in the public sector lender declined to 1.48 per cent in the September quarter from 1.96 per cent in the previous quarter. On the other hand, Life Insurance of India (LIC) kept its stake the same in the bank at 8.83 per cent. Shares of Canara Bank have gained 13 per cent on a year-to-date basis till October 14.
Jhunjhunwala was popularly known as India’s own Warren Buffett, he kickstarted his career in the stock market in 1985 with an initial capital of Rs 5,000. At present, the value of his equity portfolio together with his wife Rekha Jhunjhunwala stands at over Rs 33,000 crore.
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Speaking at the India Today Conclave in 2021, he earlier said that risk is the essence of life. If you don’t take risks, you are nothing.
The billionaire investor will remain an inspiration and will be remembered for the words of wisdom he shared over the years.
(Complete shareholding pattern of Rakesh Jhunjhunwala’s top stocks are yet to be announced)
