The Indian billionaire’s securities group was worth nearly 4 billion USD after his death

(Bloomberg) – The death of Indian billionaire Rakesh Jhunjhunwala brought attention to the number of shares worth nearly $4 billion held by the famous investor, whose trades are closely watched.

Most read from Bloomberg

The man known as India’s Warren Buffett has died of a reported cardiac arrest Sunday at the age of 62. The self-made entrepreneur has invested in a wide range of businesses and startups. has established and serves on the boards of several Indian companies.

Indian billionaire-investor Rakesh Jhunjhunwala dies aged 62

“His portfolio includes companies that have grown from value investing into larger players,” said Kranthi Bathini, strategist at WealthMills Securities Pvt. Mr. Bathini added that Jhunjhunwala is not much involved in the management of companies in which he owns strategic shares.

Jhunjhunwala is one of the most influential market voices in Asia’s third-largest economy, with a fervent following from a growing crowd of retail investors across the country. His investment success has earned him a large following, with news of his trades occasionally sending stocks up to their daily limit.

The man also known as “Big Bull” is a strong advocate of India’s growth story. Jewelry retailer Titan Co. is one of the biggest and most profitable investments for veteran trader and his wife Rekha Jhunjhunwala, making up more than a third of their portfolio, according to data compiled by Bloomberg.

Their other top holdings by market value include Star Health & Allied Insurance Co., footwear maker Metro Brands Ltd. and automaker Tata Motors Ltd. Jhunjhunwala holds more than 10% stake in Star Health, IT company Aptech Ltd. and video game maker Nazara Technologies Ltd.

Shares of companies in which Jhunjhunwala holds a stake were mixed in Tuesday’s trading session as markets reopened after the holiday. Titan is up about 1% and Star Health is up 2.5%, while Aptech is down more than 5%.

The Economic Times reported on Monday that Jhunjhunwala’s assets, including stocks and properties, will be inherited to his wife and three children, the Economic Times reported on Monday, citing an unnamed person familiar with the matter. on this issue. According to the report, this billionaire had previously outlined the plan.

“True to his nature and keen eye for detail, he meticulously planned and executed a smooth transition to maintain and enhance his legacy,” said Rare Enterprises Pvt., Company Jhunjhunwala’s investment arm, said in a statement. Rare Enterprises did not immediately respond to phone calls and an email request for details.

Prime Minister Narendra Modi paid tribute to Jhunjhunwala in a tweet on Sunday, saying the “indomitable” investor had made “an indelible contribution to the financial world”.

(Add analyst comments in the third paragraph, share the move in the seventh, and transition details in the eighth and ninth paragraphs)

Most read from Bloomberg Businessweek

© 2022 Bloomberg LP

Source link


Goz News: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably.

Related Articles

Back to top button