Ace investor Rakesh Jhunjhunwala is known for his excellent stock picks. One such pick has been Prakash Industries, which has returned a staggering 181% since January, nearly tripling investor wealth. Rakesh Jhunjhunwala has increased his take to 1.64% as at the end of September quarter from 1.01% at the end of the June quarter, according to shareholding data of the company filed with BSE. Prakash Industries shares rallied by more than 3% intraday, and closed 1.85% higher, at Rs 132 on NSE.
In August this year, Rakesh Jhunjhunwala picked up 10 lakh shares of Prakash Industries from the open market via block deals. As per the data filed with exchanges, the ace investor held 2.21% equity stake in the company as at the end of December-2016. As at June end, he has reduced his stake by more than 50% to 1.01% at at the end of June. The current 1.64% is still less his position on 31st December 2016.
Prakash Industries has a market capitalisation of more than Rs 2,030 crores, and was also part of the 331 shell companies against which SEBI has initiated action in July this year. For the quarter ended June 30, 2017, the company reported total revenue at 722.33 crore and net profit stood at 59.41 crore.
In the last quarter, Rakesh Jhunjhunwala had increased his stake in Lupin Ltd to 1.76%. Interestingly, Lupin Ltd reported a near 60% in net profit to Rs 358 crore in the previous quarter. At the time when market voices are cautioning investors to stay away from the pharmaceutical sector, ace investor Rakesh Jhunjhunwala’s wife picked up 0.9% stake in Fortis Healthcare for an estimated Rs 60 crores, through an open market transaction in August this year.
Notably, Rakesh Jhunjhunwala has more than 8.3% stake in Titan Ltd, a Tata enterprise, translating to more than 804 lakh shares as at the end of June 2017. Titan is one of the most prominent stocks in the Rs 10,000 crore portfolio of the investing icon as at March 31st 2017, which accounted for Rs 3,644 then.