Shares of Singer India locked in an upper circuit of 20 per cent on Tuesday amid a media report that Rakesh Jhunjhunwala’s firm RARE Enterprises bought over a 10 per cent stake in the company through a bulk deal. The scrip jumped to Rs 69.15 against the previous close of Rs 57.65. However, the final data of bulk deals will come later in the day post-market hours.
Singer India is said to be the last investment decision of Jhunjhunwala, according to the report. The veteran investor passed away on Sunday morning at the age of 62. Jhunjhunwala died at 6.45 am in Mumbai and was brought dead to Breach Candy Hospital, according to the reports.
The company is engaged in the business of trading or manufacturing sewing machines, related accessories and in trading of domestic appliances. Of late, Singer India reported a net profit of Rs 96 lakh, up 243 per cent, against Rs 28 lakh in the corresponding quarter last year. Net sales also grew nearly 50 per cent to Rs 109.53 crore during the same period.
Share price of the company gained 4.6 per cent in the last one year till August 12, 2022, while the benchmark BSE Sensex has advanced 8.4 per cent.
Popularly known as India’s own Warren Buffett, Jhunjhunwala 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 30,000 crore.
Speaking at the India Today Conclave in 2021, he said, “Risk is the essence of life. If you don’t take risks, you are nothing.” The billionaire investor remains an inspiration and will be remembered for the words of wisdom he shared over the years.
With a value of around Rs 11,000 crore, Titan Company is the biggest holding of Jhunjhunwalas. The ‘Big Bull’ and his wife together held over a 5 per cent stake in the company as of June 30, according to the data available with Trendlyne.
Star Health And Allied Insurance Company is the next big pick of Jhunjhunwala with a value of around Rs 7,000 crore. The worth of his investments in other players including Metro Brands, Tata Motors and Crisil stands at nearly Rs 3,350 crore, Rs 1,731 crore and Rs 1,301 crore as of August 12, 2022.
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