1. Rakesh Jhunjhunwala ups stake by 10 lakh shares in SEBI’s shell-shocked Prakash Industries, stock rallies 15%

Rakesh Jhunjhunwala ups stake by 10 lakh shares in SEBI’s shell-shocked Prakash Industries, stock rallies 15%

Rakesh Jhunjhunwala buys 10 lakh shares of Prakash Industries in the open market via block deals.

By: | Updated: August 24, 2017 2:23 PM
Rakesh Jhunjhunwla picks up 10 lakh shares of Prakash Industries. (Image:Reuters)

The big bull Rakesh Jhunjhunwala made news on Thursday morning by picking up 10 lakh shares of Prakash Industries. According to ET Now, Rakesh Jhunjhunwala has made the transaction in the open market via block deals. The shares of Prakash Industries were trading at Rs 128.7 up 15% on Thursday morning. 

On Monday, the ace investor’s wife  picked up 0.9% stake in Fortis Healthcare for an estimated Rs 60 crores, through  an open market transaction. The shares were purchased at an average price of Rs 134.65, valuing the transaction at Rs 60.59 crore, according to bulk deal data available with the National Stock Exchange (NSE).

Prakash Industries is among the 331 shell companies against whom SEBI had initiated action. Jhunjhunwala owned 1.01 per cent stake, or 15,00,000 shares in Prakash Industries as of June end. In the year so far, shares of Prakash Industries have surged over 147% per cent till date. In fact, after SEBI initiated action the shares have lost value, as evident by the steep fall from Rs 139 on August 7th to Rs 104 on August 14th. The shares have rebounded since then to Rs 127.35. Other notable public shareholders in the company as in June 2017 include BNP Paribas Arbitrage, which holds more than 3.3% in Prakash Industries.

The ace investor had actually been reducing  his stake in the company. As per the data filed with SEBI, the ace investor held 2.21% equity stake in the company as at the end of December-2016.

Earlier, Rakesh Jhunjhunwala had increased his stake in Lupin Ltd to 1.76%, as on June end, according to the shareholding data filed by Lupin Ltd. The ace investor held 1.73% in the previous quarter Jan-Mar 17. In fact Lupin has posted results which were way below the street expectations. The pharmaceutical company reported a net profit of Rs 358 crore, a drop just shy of 60% as compared to the corresponding period in the previous fiscal.

 

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